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<SEC-DOCUMENT>0000945234-05-000214.txt : 20050330
<SEC-HEADER>0000945234-05-000214.hdr.sgml : 20050330
<ACCEPTANCE-DATETIME>20050330134507
ACCESSION NUMBER:		0000945234-05-000214
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20050304
FILED AS OF DATE:		20050330
DATE AS OF CHANGE:		20050330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			METHANEX CORP
		CENTRAL INDEX KEY:			0000886977
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20115
		FILM NUMBER:		05713072

	BUSINESS ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		6046847500

	MAIL ADDRESS:	
		STREET 1:		1800 WATERFRONT CENTER
		STREET 2:		200 BURRARD STREET
		CITY:			VANCOUVER BC CANADA
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o15575e6vk.htm
<DESCRIPTION>2005 NOTICE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>2005 Notice Proxy Statement</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 6-K</B>


<P align="center" style="font-size: 10pt"><B>REPORT OF FOREIGN PRIVATE ISSUER</B>



<P align="center" style="font-size: 10pt"><B>PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B>



<P align="center" style="font-size: 10pt"><B>FOR THE MONTH OF MARCH 2005</B>


<P align="center" style="font-size: 24pt"><B>METHANEX CORPORATION</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="55%" align="center" color="#000000">
<I>(Registrant&#146;s name)</I></DIV>



<P align="center" style="font-size: 10pt"><B>SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="60%" align="center" color="#000000">
<I>(Address of principal executive offices)</I></DIV>


<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40-F.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): 82<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on behalf by the undersigned, thereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>METHANEX CORPORATION</B><BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 30, 2005&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ RANDY MILNER
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Randy Milner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President, General Counsel
&#038;&nbsp;Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt;">
<B>IMPORTANT INFORMATION FOR SHAREHOLDERS</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 72pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Notice of the Annual General Meeting of Shareholders</B>
</DIV>

<DIV align="center" style="font-size: 18pt;">
<B>and</B>
</DIV>

<DIV align="center" style="font-size: 18pt;">
<B>Information Circular</B>
</DIV>

<DIV align="center" style="font-size: 12pt;">
<B>March&nbsp;4, 2005</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 108pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="o15575methanex.gif" alt="(METHANEX LOGO)">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">

</DIV>

<DIV align="left" style="font-size: 10pt;">
<!-- TOC -->
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name="tocpage"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Page</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#101'>INVITATION TO SHAREHOLDERS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    i</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#102'>NOTICE OF ANNUAL GENERAL MEETING OF
    SHAREHOLDERS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    ii</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#103'>INFORMATION CIRCULAR</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#104'>PART
    I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOTING</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    1</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#105'>PART
    II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS OF
    THE MEETING</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#106'>Receive the Financial
    Statements</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#107'>Election of Directors</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    5</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#108'>Re-appointment and Remuneration
    of Auditors</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    11</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#110'>Interest of Certain Persons in
    Matters to be Acted Upon</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#111'>Interest of Insiders in
    Material Transactions</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    13</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#112'>PART
    III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE
    GOVERNANCE</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    14</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#113'>PART
    IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPENSATION</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    17</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#114'>Directors&#146; Compensation</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    17</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#115'>Executive Compensation</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    19</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#116'>Report on Executive
    Compensation</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    22</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#117'>Indebtedness of Directors and
    Executive Officers</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    26</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#118'>Directors&#146; and
    Officers&#146; Liability Insurance</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    26</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#119'>PART
    V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTHER
    INFORMATION</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    27</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#120'>Total Shareholder Return
    Comparison</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    27</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#121'>Securities Authorized for
    Issuance Under Equity Compensation&nbsp;Plans</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    27</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#122'>Shareholder Proposals</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    30</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#123'>Additional Information</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    30</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &nbsp;&nbsp;&nbsp;<A HREF='#124'>Approval by Directors</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    31</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#126'>SCHEDULE A&nbsp;METHANEX CORPORATE
    GOVERNANCE PRINCIPLES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    32</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    &nbsp;<A HREF='#127'>SCHEDULE B&nbsp;STATEMENT OF CORPORATE
    GOVERNANCE GUIDELINES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    38</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt;">
<!-- /TOC -->
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Methanex Corporation</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1800 Waterfront Centre<BR>
    200 Burrard Street<BR>
    Vancouver, British Columbia<BR>
    Canada V6C&nbsp;3M1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Telephone: (604)&nbsp;661-2600<BR>
    Facsimile: &nbsp;(604)&nbsp;661-2676</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <IMG src="o15575meth1.gif" alt="(METHANEX LOGO)"></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 12pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
March&nbsp;4, 2005
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='101'></A>
</DIV>

<!-- link1 "Invitation to Shareholders" -->

<DIV align="left" style="font-size: 12pt;">
Invitation to Shareholders
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
On behalf of the entire Board of Directors of Methanex
Corporation, we would like to invite you to join us at our
Annual General Meeting of shareholders. The meeting will be held
at the Vancouver Convention &#38; Exhibition Centre in
Vancouver, British Columbia on Thursday, May&nbsp;5, 2005 at
10:30&nbsp;a.m.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
At the meeting, we will be voting on a number of important
matters. We hope you will take the time to consider the
information dealing with these matters as set out in the
accompanying Information Circular. We encourage you to exercise
your vote, either at the meeting or by completing and sending in
your proxy. Use of the proxy form is explained in the
accompanying Information Circular. If you are a
&#147;non-registered&#148; shareholder, you should follow the
instructions that you should receive as part of the accompanying
materials to ensure that your shares get voted at the meeting in
accordance with your wishes.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The meeting will provide you with a forum to learn more about
our 2004 performance and hear first-hand our strategy for the
future. It will also provide you with an excellent opportunity
to meet the Company&#146;s Directors and Senior Management and
ask them your questions.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 21pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We hope that you will attend the Annual General Meeting and we
look forward to seeing you there. If you are unable to attend,
the meeting will also be webcast live through our
website:&nbsp;www.methanex.com.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 14pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Sincerely,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="o15575o1557523.gif" alt="-s- Bruce Aitken">
</DIV>

<DIV align="left" style="font-size: 12pt;">
Bruce Aitken
</DIV>

<DIV align="left" style="font-size: 12pt;">
President and Chief Executive Officer
</DIV>

<P align="center" style="font-size: 10pt;">i

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='102'></A>
</DIV>

<!-- link1 "NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS" -->

<DIV align="center" style="font-size: 12pt;">
<B>NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Annual General Meeting (&#147;Meeting&#148;) of shareholders
of Methanex Corporation (the &#147;Company&#148;) will be held
at the following time and place:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    DATE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Thursday, May&nbsp;5, 2005</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    TIME:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    10:30&nbsp;a.m. (Vancouver time)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    PLACE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Meeting Rooms&nbsp;1, 2 &#38; 3<BR>
    Vancouver Convention &#38; Exhibition Centre<BR>
    999 Canada Place<BR>
    Vancouver, British Columbia</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Meeting is being held for the following purposes:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    To receive the Consolidated Financial Statements for the
    financial year ended December&nbsp;31, 2004 and the
    Auditors&#146; Report on such statements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    To elect directors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD align="left">
    To re-appoint auditors;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD align="left">
    To authorize the Board of Directors to fix the remuneration of
    the auditors; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>5.</TD>
    <TD align="left">
    To transact such other business as may properly come before the
    Meeting.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>If you are a holder of Common Shares of the Company and do
not expect to attend the Meeting in person, please complete the
enclosed proxy form and either fax it to (416)&nbsp;368-2502 or
forward it to CIBC Mellon Trust Company using the envelope
provided with these materials. Proxies must be received no later
than 24&nbsp;hours (excluding Saturdays, Sundays and holidays)
before the time fixed for commencement of the Meeting or any
adjournment thereof.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DATED at the City of Vancouver, in the Province of British
Columbia, this 4th day of March, 2005.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    BY ORDER OF THE BOARD OF DIRECTORS</TD>
</TR>

<TR>
    <TD style="font-size: 36pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    (signed)&nbsp;RANDY MILNER</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Senior Vice President, General Counsel and</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Corporate Secretary</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">ii

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 14pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='103'></A>
</DIV>

<!-- link1 "INFORMATION CIRCULAR" -->

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INFORMATION CIRCULAR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Information contained in this Information Circular is given as
at March&nbsp;4, 2005 unless otherwise stated.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='104'></A>
</DIV>

<!-- link1 "PART I VOTING" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART I VOTING</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Solicitation of Proxies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>This Information Circular is furnished in connection with the
solicitation of proxies by or on behalf of the management and
Board of Directors (the &#147;Board&#148;) of Methanex
Corporation (the &#147;Company&#148;) for use at the annual
general meeting (the &#147;Meeting&#148;) of shareholders of the
Company to be held at the time and place (including any
adjournment thereof) and for the purposes set forth in the
accompanying Notice of Annual General Meeting of
Shareholders.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is anticipated that this Information Circular and the
accompanying Proxy form will be mailed on or about
March&nbsp;29, 2005 to holders of common shares of the Company
(&#147;Common Shares&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What will be voted on at the Meeting?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholders will be voting on those matters which are described
in the accompanying Notice of Annual General Meeting of
Shareholders. <B>The Notice includes all the matters to be
presented at the Meeting that are presently known to management.
</B>A simple majority (that is, greater than 50%) of the votes
cast, in person or by proxy, will constitute approval of these
matters, other than the election of directors and the
appointment of auditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Who is entitled to vote?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Only registered holders of Common Shares (&#147;Registered
Shareholders&#148;) on March&nbsp;14, 2005 (the &#147;Record
Date&#148;) are entitled to vote at the Meeting or at any
adjournment thereof. Each Registered Shareholder has one vote
for each Common Share held at the close of business on
March&nbsp;14, 2005. As of March&nbsp;4, 2005, there were
119,924,392 Common Shares outstanding. As of that date, to the
knowledge of the directors and senior officers of the Company,
there are no persons who beneficially own, directly or
indirectly, or exercise control or direction over Common Shares
carrying more than 10% of the voting rights of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Can I vote Common Shares which I acquired after
March&nbsp;14, 2005?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unfortunately not. The <I>Canada Business Corporations Act
</I>(&#147;CBCA&#148;) states that only a shareholder whose name
is on the list of shareholders as at the Record Date is entitled
to vote at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How to vote</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a Registered Shareholder, there are two ways in which
you can vote your shares. You can either vote in person at the
Meeting or you can vote by proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
by Proxy</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you do not plan to come to the Meeting, you can have your
vote counted by appointing someone who will attend at the
Meeting as your proxyholder. In the proxy, you can either direct
your proxyholder how you want your shares to be voted or let
your proxyholder choose for you. You can always revoke your
proxy if you decide to attend the Meeting and wish to vote your
shares in person (see &#147;Revoking a Proxy&#148; on
page&nbsp;3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting
in Person</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Registered Shareholders who will attend the Meeting and wish to
vote their shares in person should not complete a proxy form.
Your vote will be taken and counted at the Meeting. Please
register with the transfer agent, CIBC Mellon Trust Company,
upon your arrival at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What if I am not a Registered Shareholder?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Many shareholders are in fact &#147;non-registered
shareholders.&#148; Non-registered shareholders are those whose
shares are registered in the name of an intermediary (such as a
bank, trust company, securities broker, trustee, or custodian).
</DIV>

<P align="center" style="font-size: 10pt;">1

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<DIV align="left" style="font-size: 10pt;">
Unless you have previously informed your intermediary that you
do not wish to receive material relating to the Meeting, you
should receive or have already received from the Company a
request for voting instruction form or from your intermediary
either a request for voting instructions or a proxy form. In
either case you have the right to exercise voting rights
attached to the Common Shares beneficially owned by you,
including the right to attend and vote the shares directly at
the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The documents that you receive and who you receive them from
will vary depending upon whether you are a &#147;non-objecting
beneficial owner&#148;, or &#147;NOBO&#148;, which means you
have provided instructions to your intermediary that you do not
object to the intermediary disclosing beneficial ownership
information about you to the Company for certain purposes, or an
&#147;objecting beneficial owner&#148;, or &#147;OBO&#148;,
which means that you have provided instructions to your
intermediary that you object to the intermediary disclosing such
beneficial ownership information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are a NOBO, included with these materials is a request
for voting instructions from the Company or its agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
These securityholder materials are being sent to both registered
and non-registered owners of the securities. If you are a
non-registered owner, and the Company or its agent has sent
these materials directly to you, your name and address and
information about your holdings of securities have been obtained
in accordance with applicable securities regulatory requirements
from the intermediary holding Common Shares on your behalf. By
choosing to send these materials to you directly, the Company
has assumed responsibility for (i)&nbsp;delivering these
materials to you, and (ii)&nbsp;executing your proper voting
instructions. Please return your voting instructions as
specified in the request for voting instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you wish to attend the Meeting and vote in person, write your
name in the place provided for that purpose in the voting
instruction form provided to you and we will deposit it with our
transfer agent, or, if you request on the voting instruction
form, we will send you a form of legal proxy which will grant
you or your appointee the right to attend the Meeting and vote
in person. If you do not intend to attend the Meeting or have an
appointee do so on your behalf but you wish your shares to be
voted, please complete and return the information requested in
the voting instructions form to provide your <I>specific voting
instructions</I>. Otherwise your shares will not be voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you are an OBO, you should receive or have already received
from your intermediary either a request for voting instructions
or a proxy form. Intermediaries have their own mailing
procedures and provide their own instructions. These procedures
may allow providing voting instructions by telephone, on the
Internet, by mail or by fax. If you wish to vote in person at
the Meeting you should follow the procedure in the directions
and instructions provided by or on behalf of your intermediary
and insert your name in the space provided on the request for
voting instructions or proxy form or request a form of legal
proxy which will grant you the right to attend the Meeting and
vote in person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether you are a NOBO or an OBO, if you wish to attend the
Meeting and vote in person, do not otherwise complete any voting
form you may receive. Please register with the transfer agent,
CIBC Mellon Trust Company, upon your arrival at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>What is a Proxy?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A proxy is a document that authorizes someone else to attend the
Meeting and cast the votes for a Registered Shareholder.
Registered Shareholders are being sent a form of proxy for the
Meeting permitting them to appoint a person to attend and act as
proxyholder at the Meeting. Use it or any other valid proxy form
to appoint a proxyholder. The enclosed form of proxy authorizes
the proxyholder to vote and otherwise act for you at the Meeting
including any continuation after adjournment of the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you complete the enclosed form of proxy by marking the
appropriate boxes on the proxy form, your shares will be voted
as instructed. If you do not mark any boxes, your proxyholder
can vote your shares in their discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A proxy in the form being sent to Registered Shareholders must
be distinguished from a &#147;legal proxy&#148;, which is a
voting power of attorney granted to a non-registered shareholder
or to a person designated by the non-registered shareholder
under a written request of the non-registered shareholder. If
you are a NOBO that has been sent these materials, if you so
request in your voting instruction form, the Company will
arrange at no cost to you, to deposit with our transfer agent,
or deliver to you, a legal proxy to the extent that the
Company&#146;s management holds a proxy given directly by the
Registered Shareholder or indirectly given by the Registered
Shareholder through one or more other proxyholders in respect of
the shares beneficially owned by you.
</DIV>

<P align="center" style="font-size: 10pt;">2

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Appointing a Proxyholder</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your proxyholder is the person you appoint and name on the proxy
form to cast your votes for you. <B>You can choose anyone you
want to be your proxyholder. It does not have to be another
shareholder. Just fill in the person&#146;s name in the blank
space provided on the enclosed proxy form or complete any other
legal proxy form and deliver it to CIBC Mellon Trust Company
within the time hereinafter specified for receipt of proxies.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you leave the space on the proxy form blank, either Pierre
Choquette or Bruce Aitken, both of whom are named in the form,
are appointed to act as your proxyholder. Mr.&nbsp;Choquette is
the Chairman of the Board and Mr.&nbsp;Aitken is President and
Chief Executive Officer of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the proxy to be valid, it must be completed, dated and
signed by the holder of Common Shares or the holder&#146;s
attorney authorized in writing and then delivered to the
Company&#146;s transfer agent, CIBC Mellon Trust Company, in the
envelope provided or by fax to (416)&nbsp;368-2502 and received
no later than 24&nbsp;hours prior to the Meeting or any
adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How will my shares be voted if I give my Proxy?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have properly filled out, signed and delivered your
proxy, then your proxyholder can vote your shares for you at the
Meeting. If you have specified on the proxy form how you want to
vote on a particular issue (by marking FOR, AGAINST, or
WITHHOLD), then your proxyholder must vote your shares
accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>If you have not specified how to vote on a particular issue,
then your proxyholder can vote your shares as they see fit.
However, if you have not specified how to vote on a particular
issue and Mr.&nbsp;Choquette or Mr.&nbsp;Aitken have been
appointed as proxyholder, your shares will be voted in favour of
the particular issue. For more information on these issues, see
Part II &#147;BUSINESS OF THE MEETING&#148;. The enclosed form
of proxy confers discretionary authority upon the proxyholder
you name with respect to amendments or variations to the matters
identified in the accompanying Notice of Annual General Meeting
of Shareholders and other matters which may properly come before
the Meeting. If any such amendments or variations are proposed
to the matters described in the Notice, or if any other matters
properly come before the Meeting, your proxyholder may vote your
shares as they consider best.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Revoking a Proxy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you want to revoke your proxy after you have delivered it,
you can do so at any time before it is used. You or your
authorized attorney may revoke a proxy by (i)&nbsp;clearly
stating in writing that you want to revoke your proxy and
delivering this revocation by mail to Proxy Department, CIBC
Mellon Trust Company, #6&nbsp;&#150; 200&nbsp;Queen&#146;s Quay
East, Toronto, ON, Canada, M5A&nbsp;4K9 or by fax to
(416)&nbsp;368-2502, or to the registered office of the Company,
Suite&nbsp;1800, 200&nbsp;Burrard Street, Vancouver, BC
V6C&nbsp;3M1, Attention: Corporate Secretary, at any time up to
and including the last business day preceding the day of the
Meeting or any adjournment thereof or (ii)&nbsp;in any other
manner permitted by law. Revocations may also be delivered to
the Chairman of the Meeting on the day of the Meeting or any
adjournment thereof. Such revocation will have effect only in
respect of those matters upon which a vote has not already been
cast pursuant to the authority confirmed by the proxy. If you
revoke your proxy and do not replace it with another in the
manner provided in &#147;Appointing a Proxyholder&#148; above,
you will be able to vote your shares in person at the Meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Only registered shareholders have the right to revoke a proxy.
Non-registered shareholders who wish to change their voting
instructions must, in sufficient time in advance of the Meeting,
arrange for the Company (where the non-registered holder is a
NOBO) or their intermediaries (where the non-registered
shareholder is an OBO) to change their vote and if necessary
revoke their proxy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Costs of this Solicitation of Proxies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The cost of this solicitation of proxies is borne by the
Company. It is expected that the solicitation will be primarily
by mail, but proxies or votes or voting instructions may also be
solicited personally or by telephone or other means of
communication by directors and regular employees of the Company
without special compensation. In addition, the Company may
retain the services of agents to solicit proxies or votes or
voting instructions on behalf of management of the Company. In
that event, the Company will compensate any such agents for such
services, including reimbursement for reasonable out-of-pocket
expenses, and will indemnify them in respect of certain
liabilities which may be incurred by them in performing their
services. The Company may also reimburse brokers or other persons
</DIV>

<P align="center" style="font-size: 10pt;">3

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<DIV align="left" style="font-size: 10pt;">
holding Common Shares in their names, or in the names of
nominees, for their reasonable expenses in sending proxies and
proxy material to beneficial owners and obtaining their proxies
or votes or voting instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Who counts the votes?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s transfer agent, CIBC Mellon Trust Company,
counts and tabulates the proxies. This is done independently of
the Company to preserve confidentiality in the voting process.
Proxies are referred to the Company only in cases where a
shareholder clearly intends to communicate with management or
when it is necessary to do so to meet the requirements of
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>How do I contact the transfer agent?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have any inquiries, the transfer agent, CIBC Mellon Trust
Company, can be contacted as follows:
</DIV>

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<TR style="font-size: 1pt;">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Toll-free:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1-800-387-0825</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Mail:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    CIBC Mellon Trust Company<BR>
    Suite&nbsp;1600, 1066 West Hastings Street<BR>
    Vancouver, British Columbia<BR>
    V6E&nbsp;3X1</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Telephone:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    (604)&nbsp;891-3008</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Fax:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    (604)&nbsp;688-4301</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">4

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<DIV align="left" style="font-size: 10pt;">
<A name='105'></A>
</DIV>

<!-- link1 "PART II BUSINESS OF THE MEETING" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART II BUSINESS OF THE MEETING</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='106'></A>
</DIV>

<!-- link1 "RECEIVE THE FINANCIAL STATEMENTS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RECEIVE THE FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements for the year ended
December&nbsp;31, 2004 are included in the Annual Report, which
has been mailed to shareholders with the Notice of the Annual
General Meeting of Shareholders and this Information Circular.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='107'></A>
</DIV>

<!-- link1 "ELECTION OF DIRECTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ELECTION OF DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The directors of the Company are elected each year at the annual
general meeting of the Company and hold office until the close
of the next annual general meeting or until their successors are
elected or appointed. The articles of the Company provide that
the Company have a minimum of 3 and a maximum of 15 directors.
The by-laws of the Company provide that when the articles of the
Company provide for a minimum and maximum number of directors,
the number of directors within the range may be determined from
time to time by resolution of the Board of Directors. The
directors have determined that there should be 10 directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Governance Committee recommends to the Board
nominees for election of directors. The persons listed below are
being proposed for nomination for election at the Meeting. The
persons named in the accompanying proxy, if not expressly
directed otherwise in such proxy, will vote the Common Shares in
respect of which they have been appointed proxyholder in favour
of the election of those persons listed below as nominees as
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets out the names, ages and places of
residence of all the persons to be nominated for election as
directors, all other positions and offices with the Company now
held by them, their present principal occupation or employment,
their business experience over the last five years, the period
during which they have served as directors of the Company, and
the number of Common
Shares<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>,
Deferred Share
Units<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>,
Restricted Share
Units<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>
and Stock
Options<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP>
held by each of them as at the date of this Information Circular.
</DIV>

<CENTER>
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<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557518.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>BRUCE AITKEN<BR>
    </B>Director since July 2004<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;&nbsp;48,876<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;228,512<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;&nbsp;27,091<BR>
    Number of Stock Options held&nbsp;&#151;&nbsp;168,250<BR>
    <BR>
    Mr.&nbsp;Bruce Aitken, 50, of Vancouver, British Columbia,
    Canada is currently President and Chief Executive Officer of the
    Company. Prior to his appointment in May 2004, Mr.&nbsp;Aitken
    was President and Chief Operating Officer of the Company since
    September 2003 and prior to that he was Senior Vice President,
    Asia Pacific (based in New Zealand) from September 1999. He has
    also held the position of Vice President, Corporate Development
    (located in Vancouver).<BR>
    <BR>
    Prior to joining the Company, Mr.&nbsp;Aitken was Executive
    Director of Cape Horn&nbsp;Methanol (now Methanex Chile) in
    Santiago. He also held a number of managerial positions with
    Fletcher Challenge Limited in New Zealand.<BR>
    <BR>
    Mr.&nbsp;Aitken has a Bachelor of Commerce degree from Auckland
    University and is a member of the New Zealand Institute of
    Chartered Accountants, ACA (Associate Chartered Accountant).<BR>
    <BR>
    As a
    non-independent<SUP style="font-size: 85%; vertical-align: text-top">(5)
    </SUP>director, Mr.&nbsp;Aitken is not a member of any Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">5

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<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557519.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>HOWARD BALLOCH<BR>
    </B>Director since December 2004<BR>
    Number of Common Shares
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    Number of Deferred Share Units
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    Number of Restricted Share Units held&nbsp;&#151;&nbsp;4,000<BR>
    Number of Stock Options
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    <BR>
    Mr.&nbsp;Howard Balloch, 53, of Beijing, China is currently
    President of The Balloch Group. Based in Beijing, The Balloch
    Group is a private consultancy firm specializing in China and
    other Asian markets. Prior to this, from 1996 to 2001,
    Mr.&nbsp;Balloch was the Canadian Ambassador to the
    People&#146;s Republic of China.<BR>
    <BR>
    Mr.&nbsp;Balloch currently serves on the boards of Zi
    Corporation, where he is also a member of their Corporate
    Governance Committee, and Ivanhoe Energy Inc., where he sits on
    their Audit Committee, Corporate Governance Committee and
    Compensation Committee. He is also President of the Canada China
    Business Council.<BR>
    <BR>
    Mr.&nbsp;Balloch holds a Bachelor of Arts (Honours) in Political
    Science and Economics and a Masters in International Relations,
    both from McGill University.<BR>
    <BR>
    Mr.&nbsp;Balloch is a member of the Company&#146;s Corporate
    Governance Committee and the Public Policy Committee.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557520.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>PIERRE CHOQUETTE<BR>
    </B>Director since October 1994<BR>
    Number of Common Shares
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    Number of Deferred Share Units
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;5,000<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;380,223<BR>
    Number of Stock Options
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    <BR>
    Mr.&nbsp;Pierre Choquette, 62, of Vancouver, British Columbia,
    Canada is a corporate director and is currently Chairman of the
    Board of the Company. Mr.&nbsp;Choquette was Chairman of the
    Board and Chief Executive Officer of the Company from September
    2003 to May 2004 and President and Chief Executive Officer of
    the Company from October 1994 to September 2003.<BR>
    <BR>
    Mr.&nbsp;Choquette also serves on the board of Terasen Inc. and
    is a member of their Audit Committee and Environment, Health and
    Safety Committee.<BR>
    <BR>
    Mr.&nbsp;Choquette holds a Bachelor of Arts, Bachelor of Science
    and a Masters in Science in Chemical Engineering from Laval
    University. He is also a graduate of the Graduate Advanced
    Management Program at Harvard Graduate School of Business
    Administration.<BR>
    <BR>
    As a
    non-independent<SUP style="font-size: 85%; vertical-align: text-top">(5)
    </SUP>director, Mr.&nbsp;Choquette is not a member of any
    Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">6

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<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557511.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>ROBERT FINDLAY<BR>
    </B>Director since July 1994<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;54,611<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;68,015<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;&nbsp;6,251<BR>
    Number of Stock Options held&nbsp;&#151;&nbsp;&nbsp;3,750<BR>
    <BR>
    Mr.&nbsp;Robert Findlay, 71, of West Vancouver, British
    Columbia, Canada is a corporate director and also serves on the
    board of Option NFA Inc. In October 1997 Mr.&nbsp;Findlay
    retired as President and Chief Executive Officer of MacMillen
    Bloedel Limited. He held this position for seven years.<BR>
    <BR>
    Mr.&nbsp;Findlay holds a Bachelor of Engineering (Mechanical
    Engineering) from McGill University and is also a graduate of
    the Graduate Advanced Management Program at Harvard Graduate
    School of Business Administration.<BR>
    <BR>
    Mr.&nbsp;Findlay is Chair of the Company&#146;s Human Resources
    Committee and is a member of the Corporate Governance Committee
    and the Responsible Care Committee.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557512.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>BRIAN GREGSON<BR>
    </B>Director since July 1994<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;43,500<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;46,142<BR>
    Number of Restricted Share Units held&nbsp;&#151;&nbsp;12,372<BR>
    Number of Stock Options held&nbsp;&#151;&nbsp;&nbsp;7,500<BR>
    <BR>
    Mr.&nbsp;Brian Gregson, 73, of Vancouver, British Columbia,
    Canada is a corporate director. After retiring from the Royal
    Bank of Canada in 1991, Mr.&nbsp;Gregson served as Chairman of
    Barbican Properties Inc., a real estate company. At the Royal
    Bank he held the position of Senior Executive Vice President and
    other senior executive positions.<BR>
    <BR>
    Mr.&nbsp;Gregson has studied at the Banff School of Advanced
    Management, the Tuck Business School at Dartmouth University and
    has attended various American Management Association courses.<BR>
    <BR>
    Mr.&nbsp;Gregson is Chair of the Company&#146;s Audit, Finance
    and Risk Committee and is a member of the Responsible Care
    Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">7

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<CENTER>
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<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557514.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>A. TERENCE (TERRY)&nbsp;POOLE<BR>
    </B>Director since February 1994*<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;30,000<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;10,119<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    Number of Stock Options
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    <BR>
    Mr.&nbsp;Terry Poole, 62, of Calgary, Alberta, Canada has held
    the position of Executive Vice President, Corporate Strategy and
    Development of NOVA Chemicals Corporation (&#147;NOVA&#148;), a
    commodity chemical company, since May 2000. Prior to his current
    position Mr.&nbsp;Poole held the position of Executive Vice
    President, Finance and Strategy of NOVA from 1998 to 2000.
    Mr.&nbsp;Poole held the position of Senior Vice President and
    Chief Financial Officer of NOVA Corporation from 1994 to 1998
    and other senior positions within NOVA Corporation from 1988.<BR>
    <BR>
    Mr.&nbsp;Poole is a Chartered Accountant and holds a Bachelor of
    Commerce from Dalhousie University. He is a Member of the
    Canadian, Quebec and Ontario Institutes of Chartered Accountants
    and is also a Member of the Financial Executives Institute.<BR>
    <BR>
    Mr.&nbsp;Poole is a member of the Company&#146;s Audit, Finance
    and Risk Committee and the Public Policy Committee.
    Mr.&nbsp;Poole has been designated as the &#147;audit committee
    financial expert&#148;.<BR>
    <BR>
    *Mr.&nbsp;Poole resigned as a director of the Company in June
    2003 and was re-appointed in September 2003.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557515.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>JOHN REID<BR>
    </B>Director since September 2003<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;&nbsp;8,000<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;10,668<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;&nbsp;4,000<BR>
    Number of Stock Options
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    <BR>
    Mr.&nbsp;John Reid, 57, of Vancouver, British Columbia, Canada
    has held the position of President and Chief Executive Officer
    of Terasen Inc., an energy distribution and transportation
    company, since November 1997. Prior to his current position,
    Mr.&nbsp;Reid was Executive Vice President and Chief Financial
    Officer of Terasen Inc. for two years.<BR>
    <BR>
    Mr.&nbsp;Reid also serves on the board of Terasen Inc., the
    Conference Board of Canada and the Board of Governors of the
    University of British Columbia. He is also a member of the
    Canadian Council of Chief Executives and the Business Council of
    British Columbia.<BR>
    <BR>
    Mr.&nbsp;Reid has an Economics Degree from the University of
    Newcastle upon Tyne in the United Kingdom and is a Fellow of the
    British Columbia, England and Wales Institutes of Chartered
    Accountants.<BR>
    <BR>
    Mr.&nbsp;Reid is a member of the Company&#146;s Audit, Finance
    and Risk Committee and the Corporate Governance Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">8

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557521.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>MONICA SLOAN<BR>
    </B>Director since September 2003<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;1,000<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;6,038<BR>
    Number of Restricted Share Units held&nbsp;&#151;&nbsp;6,121<BR>
    Number of Stock Options
    held&nbsp;&#151;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0<BR>
    <BR>
    Ms.&nbsp;Monica Sloan, 50, of Calgary, Alberta, Canada has been
    Managing Director and Chief Executive Officer of Intervera Ltd.
    since January 2004. Intervera Ltd. provides data quality
    products and services to the energy industry. Prior to this
    position Ms.&nbsp;Sloan was an Independent Consultant for ME
    Sloan Associates from October 1999.<BR>
    <BR>
    Ms.&nbsp;Sloan also serves on the board of Industrial Alliance
    Pacific Financial Services and is Past Chair of the Calgary
    Opera Association.<BR>
    <BR>
    Ms.&nbsp;Sloan holds a Masters of Engineering from Stanford
    University and a Masters in Business Administration from Harvard
    Graduate School of Business Administration.<BR>
    <BR>
    Ms.&nbsp;Sloan is a member of the Company&#146;s Human Resources
    Committee and the Responsible Care Committee.</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557517.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>GRAHAM SWEENEY<BR>
    </B>Director since July 1994<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;&nbsp;2,000<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;46,377<BR>
    Number of Restricted Share Units
    held&nbsp;&#151;&nbsp;&nbsp;6,251<BR>
    Number of Stock Options held&nbsp;&#151;&nbsp;&nbsp;7,500<BR>
    <BR>
    Mr.&nbsp;Graham Sweeney, 69, of Sarnia, Ontario, Canada is a
    corporate director. Mr.&nbsp;Sweeney was President and Chief
    Executive Officer of Dow Chemical Canada Inc. from 1993 to 1995.
    Prior to this Mr.&nbsp;Sweeney held Vice President and senior
    executive positions with The Dow Chemical Company in Asia and
    the USA from 1981.<BR>
    <BR>
    Mr.&nbsp;Sweeney holds a Bachelor of Science (Chemical
    Engineering) from the University of Natal, South Africa.<BR>
    <BR>
    Mr.&nbsp;Sweeney is Chair of the Company&#146;s Responsible Care
    Committee and is a member of the Audit, Finance and Risk
    Committee and the Public Policy Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">9

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="33%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>



<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <IMG src="o15575o1557522.jpg" alt="LOGO"></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <B>ANNE WEXLER<BR>
    </B>Director since January 2001<BR>
    Number of Common Shares held&nbsp;&#151;&nbsp;&nbsp;1,000<BR>
    Number of Deferred Share Units held&nbsp;&#151;&nbsp;16,114<BR>
    Number of Restricted Share Units held&nbsp;&#151;&nbsp;10,251<BR>
    Number of Stock Options held&nbsp;&#151;&nbsp;15,000<BR>
    <BR>
    Ms.&nbsp;Wexler, 74, of Washington, DC, USA has been Chairman of
    the Executive Committee of Wexler &#38; Walker Public Policy
    Associates (formerly The Wexler Group), a government consultancy
    firm, since January 2000. Prior to this position Ms.&nbsp;Wexler
    was the Chairman and Chief Executive Officer of The Wexler Group
    since 1981. Prior to starting her own consultancy firm,
    Ms.&nbsp;Wexler was the Assistant to US President Jimmy Carter
    for Public Liaison.<BR>
    <BR>
    Ms.&nbsp;Wexler serves on the boards of Dreyfus Mutual Funds and
    Wilshire Mutual Funds. She also serves on the boards of the
    following non profit organizations: WETA (Washington DC&#146;s
    public radio and television station), The Survivor&#146;s Fund
    (for&nbsp;victims of the Pentagon after 9/11), The Economic Club
    of Washington, the Community Foundation of the Greater
    Metropolitan Area and the Council of Foreign Relations.<BR>
    <BR>
    Ms.&nbsp;Wexler holds a Bachelor of Arts degree in History and
    an Honorary Doctor of Laws both from Skidmore College, New York
    and an Honorary Doctor of Science in Business Administration
    from Bryant College, Rhode Island.<BR>
    <BR>
    Ms.&nbsp;Wexler is Chair of the Company&#146;s Public Policy
    Committee and is a member of the Corporate Governance Committee
    and the Human Resources Committee.</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    The number of Common Shares held includes Common Shares directly
    or indirectly beneficially owned or under the control or
    direction of such nominee.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    For more information on Deferred Share Units, see
    &#147;Directors&#146; Compensation&#148; on page&nbsp;17 and
    &#147;Deferred Share Unit Plan&#148; on page&nbsp;25.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    For more information on Restricted Share Units, see
    &#147;Directors&#146; Compensation&#148; on page&nbsp;17 and
    &#147;Restricted Share Unit Plan&#148; on page&nbsp;24.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Non-management directors ceased being granted stock options in
    2003.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    See Page&nbsp;11 for more information on how director
    independence is determined.</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary of Board and Committee Meetings held</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
For the 12-month period ended December&nbsp;31, 2004
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="93%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Board of Directors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit, Finance and Risk Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Corporate Governance Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Human Resources Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Public Policy Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Responsible Care Committee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">10
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary of Attendance of Directors</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
For the 12-month period ended December&nbsp;31, 2004
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Board meetings</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Committee</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>attended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>attended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>meetings attended</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>attended</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce
    Aitken<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3 of 3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Howard
    Balloch<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pierre
    Choquette<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Findlay</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8 of 8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brian Gregson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10 of 10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A. Terence Poole</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8 of 9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>89</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Reid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10 of 10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Monica Sloan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Graham Sweeney</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11 of 12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>92</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Anne Wexler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>5 of 5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>7 of 7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>100</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Prior to his appointment as a director in July 2004,
    Mr.&nbsp;Aitken attended all Board and Committee meetings during
    2004 in his capacity as President of the Company. Following his
    appointment as director in July 2004, he attended all Committee
    meetings in his capacity as President and Chief Executive
    Officer of the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Mr.&nbsp;Balloch was appointed a director in December 2004 and
    there were no Board or Committee meetings held in December.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Prior to May 2004, Mr.&nbsp;Choquette attended Committee
    meetings in his capacity as Chief Executive Officer of the
    Company. From May 2004 he attended them on an ex-officio basis
    in his capacity as Chairman of the Board.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Director Independence</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Eight of the ten directors who are standing for election to the
Company&#146;s Board have been determined by the Board to be
independent in accordance with Nasdaq rules and the Canadian
Securities Administrators&#146; Multilateral Instrument 52-110.
Mr.&nbsp;Aitken is the President and Chief Executive Officer of
the Company and is therefore not independent. Mr.&nbsp;Choquette
held the position of Chief Executive Officer from October 1994
to May 2004 and is therefore not independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Of the remaining eight directors who are standing for election,
the Board has determined that the following seven directors have
no relationship (material or otherwise) with the Company other
than as directors and shareholders and are therefore
independent:&nbsp;Mr.&nbsp;Balloch, Mr.&nbsp;Findlay,
Mr.&nbsp;Gregson, Mr.&nbsp;Poole, Ms.&nbsp;Sloan,
Mr.&nbsp;Sweeney and Ms.&nbsp;Wexler.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Reid is President and Chief Executive Officer of
Terasen Inc. A subsidiary of Terasen Inc. is Terasen Gas Inc.
(&#147;TGI&#148;). The Company and TGI have entered into an
arm&#146;s length agreement under which TGI provides natural gas
purchasing and risk management services to the Company. The
other independent directors have reviewed the relationship
between the Company and TGI and have determined that such
relationship is not material and that Mr.&nbsp;Reid, based on
the definition of &#147;independence&#148; established by
Canadian securities regulators which is contained in
Multilateral Instrument&nbsp;52-110, is independent.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='108'></A>
</DIV>

<!-- link1 "RE-APPOINTMENT AND REMUNERATION OF AUDITORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>RE-APPOINTMENT AND REMUNERATION OF AUDITORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The directors of the Company recommend the re-appointment of
KPMG&nbsp;LLP, Chartered Accountants, Vancouver, as the auditors
of the Company to hold office until the termination of the next
annual meeting of the Company. KPMG LLP has served as the
auditors of the Company for more than five years. As in past
years, it is proposed that the remuneration to be paid to the
auditors be determined by the directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The persons named in the accompanying proxy, if not expressly
directed to the contrary in such proxy, will vote the Common
Shares in respect of which they have been appointed proxyholder
for the re-appointment of KPMG&nbsp;LLP, Chartered Accountants,
as the auditors of the Company and to authorize the directors to
determine the remuneration to be paid to the auditors.
</DIV>

<P align="center" style="font-size: 10pt;">11
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Principal Accountant Fees and Services</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Pre-approval policies and procedures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s Audit, Finance and Risk Committee (the
&#147;Audit Committee&#148;) annually reviews and approves the
terms and scope of the external auditors&#146; engagement. The
Audit Committee oversees the Audit and Non-Audit Pre-Approval
Policy which sets forth the procedures and the conditions
pursuant to which permissible services proposed to be performed
by KPMG LLP are pre-approved. The Audit Committee has delegated
to the Chair of the Audit Committee pre-approval authority for
any services not previously approved by the Audit Committee. All
such services approved by the Chair of the Audit Committee are
subsequently reviewed by the Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All non-audit service engagements, regardless of the cost
estimate, are required to be coordinated and approved by the
Chief Financial Officer to further ensure that adherence to this
policy is monitored.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Audit and Non-Audit Fees Paid to the Independent Auditors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fees to KPMG LLP during the years ended December&nbsp;31, 2004
and December&nbsp;31, 2003 were as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>US$000&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>2003</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit Fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>388</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Audit-Related Fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>60</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Tax Fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>242</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    All Other Fees</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Total</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>591</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap><B>690</B></TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The nature of each category of fees is described below.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Audit Fees:</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit fees were paid for professional services rendered by the
auditors for the audit of the Company&#146;s consolidated
financial statements; statutory audits of the financial
statements of the Company&#146;s subsidiaries; quarterly reviews
of the Company&#146;s financial statements; consultations as to
the accounting or disclosure treatment of transactions reflected
in the financial statements; and services associated with
registration statements, prospectuses, periodic reports and
other documents filed with securities regulators.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Audit-Related Fees:</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audit-related fees were paid for professional services rendered
by the auditors for financial audits of employee benefit plans;
procedures and audit or attest services not required by statute
or regulation; advice and documentation assistance with respect
to internal controls over financial reporting and disclosure
controls; and consultations as to the accounting or disclosure
treatment of other transactions.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I>Tax Fees:</I></B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Tax fees were paid for professional services rendered for tax
compliance, tax advice and tax planning. These services
consisted of: tax compliance including the review of tax
returns; assistance in completing routine tax schedules and
calculations; and tax planning and advisory services relating to
common forms of domestic and international taxation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Audit and Non-Audit Services Pre-Approval Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In April 2003, the Audit Committee approved the Audit and
Non-Audit Services Pre-Approval Policy (the &#147;Policy&#148;).
The Policy requires the Audit Committee to pre-approve all
audit, audit-related and non-audit services (such as those
relating to tax planning and advice) provided by the external
auditors. The Policy also specifies the services that the
external auditors are prohibited from undertaking including
internal audit, bookkeeping, financial information systems
design and implementation, and other services.
</DIV>

<P align="center" style="font-size: 10pt;">12
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='110'></A>
</DIV>

<!-- link1 "INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None of the directors or officers of the Company, no proposed
nominee for election as a director of the Company, none of the
persons who have been directors or officers of the Company at
any time since the beginning of the Company&#146;s last
completed financial year and no associate or affiliate of any of
the foregoing has any material interest, direct or indirect, in
any matter to be acted upon at the Meeting other than the
election of directors.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='111'></A>
</DIV>

<!-- link1 "INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
None of the directors or officers of the Company, no director or
officer of a body corporate that is itself an insider or a
subsidiary of the Company, no person or company who beneficially
owns, directly or indirectly, voting securities of the Company
or who exercised control or direction over voting securities of
the Company or a combination of both carrying more than 10% of
the voting rights attached to any class of outstanding voting
securities of the Company entitled to vote in connection with
any matters being proposed for consideration at the Meeting, no
proposed director or nominee for election as a director of the
Company and no associate or affiliate of any of the foregoing
has or had any material interest, direct or indirect, in any
transaction or proposed transaction since the beginning of the
Company&#146;s last financial year which has materially affected
or would or could materially affect the Company or any of its
subsidiaries.
</DIV>

<P align="center" style="font-size: 10pt;">13

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='112'></A>
</DIV>

<!-- link1 "PART III CORPORATE GOVERNANCE" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART III CORPORATE GOVERNANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has adopted a set of Corporate Governance Principles
to provide for a system of principled goal-setting, effective
decision-making and ethical actions. These principles can be
found at Schedule&nbsp;A to this Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has responsibility for supervising the management of
the Company and oversees and provides policy guidance on the
business and affairs of the Company. In particular, the Board
monitors overall corporate performance, oversees succession
planning for executive officers including the appointment and
performance of the Chief Executive Officer, adopts a strategic
planning process, evaluates the integrity of the Company&#146;s
internal control and management systems, identifies and oversees
the implementation of systems to manage the principal risks of
the Company&#146;s business and oversees the implementation of a
communication policy for the Company. The Board approves the
Company&#146;s significant business decisions and major
transactions such as acquisitions, divestitures, financings and
significant capital expenditures. A comprehensive assessment
process exists which allows each director to annually evaluate
their own performance as well as the performance of the Board,
its Committees, and the Chairman of the Board. The Board met
formally on five occasions in 2004. The overall director
attendance rate at these meetings was 95%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Chairman of the Board of the Company, Mr.&nbsp;Choquette, is
not independent as he was formerly also the Chief Executive
Officer of the Company. Mr.&nbsp;Choquette resigned as the
Company&#146;s Chief Executive Officer in May 2004. The Board,
mindful of the governance issues arising from this circumstance,
has taken a number of steps to ensure the Board operates
independently of management. It has appointed a Lead Independent
Director whose responsibilities include chairing regular
sessions of the independent directors without the presence of
management or Mr.&nbsp;Choquette. These in camera sessions occur
after each Board meeting. Mr.&nbsp;David Morton is the current
Lead Independent Director. He will be retiring from the Board in
May 2005 and the independent directors will appoint a new Lead
Independent Director at that time. In addition, Committees of
the Board are constituted exclusively of independent directors
and independent directors constitute a large majority of the
Board. For more information about director independence, please
see page&nbsp;11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Committees of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board has established five standing Committees with written
mandates defining their responsibilities and a requirement to
report regularly to the Board. No member of a standing Committee
of the Board was, during 2004, or is currently, an officer or
employee of the Company or any of its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit,
Finance and Risk Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members:
Messrs.&nbsp;Gregson (Chair), Poole, Reid and Sweeney
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Audit, Finance and Risk Committee meets with the executive
and financial officers of the Company and the independent
auditors to review and inquire into matters affecting financial
reporting, financial controls and procedures, the system of
internal accounting, audit procedures and plans, and recommends
to the Board the auditors to be appointed. In addition, this
Committee reviews and recommends to the Board for approval the
annual financial statements, the annual report and certain other
documents required by regulatory authorities, and also reviews
with management and reports to the Board on the financing plans
and objectives of the Company, the risks inherent in the
Company&#146;s business and risk management programs relating
thereto. This Committee is also responsible for reviewing and
reporting to the Board on matters relating to the funding and
investment of funds of the Company&#146;s pension plans.
Mr.&nbsp;Poole is the &#147;audit committee financial
expert.&#148; In 2004, this Committee met seven times. The
overall Committee member attendance rate at these meetings was
86%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The mandate of this Committee together with the relevant
education and experience of its members and other Committee
information may be found in the &#147;Audit Committee
Information&#148; section of the Company&#146;s Annual
Information Form dated March&nbsp;21, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Governance Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members:
Messrs.&nbsp;Balloch, Findlay, Lawrence, Morton (Chair), Reid
and Ms. Wexler
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Committee is responsible for the composition, compensation
and governance of the Board and recommends to the Board nominees
for election or appointment as directors. The functions of this
Committee also include assessing and enhancing the performance
of the Board and maintaining an effective working relationship
between the Board and
</DIV>

<P align="center" style="font-size: 10pt;">14

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
management of the Company. It is also responsible for taking a
leadership role in shaping the corporate governance of the
Company and developing and recommending to the Board corporate
governance principles for the Company. In 2004, this Committee
met three times. The overall Committee member attendance rate at
these meetings was 100%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Human
Resources Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members:
Messrs.&nbsp;Findlay (Chair), Lawrence, Morton, Ms.&nbsp;Sloan
and Ms.&nbsp;Wexler
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Human Resources Committee is responsible for reviewing
recommendations for the appointment of persons to senior
executive positions, succession planning, considering terms of
employment including total compensation practices, reviewing the
Company&#146;s executive development programs, human resource
plans and policies, recommending awards under the Company&#146;s
short-term and long-term incentive plans and matters relating to
the administration of the Company&#146;s pension plans, other
than matters relating to the funding and investment of funds.
This Committee also recommends for the Board&#146;s approval the
objectives and performance of the Chief Executive Officer of the
Company on an annual basis. In 2004, this Committee met twice.
The overall Committee member attendance rate at these meetings
was 100%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public
Policy Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members:
Messrs.&nbsp;Balloch, Poole, Sweeney and Ms.&nbsp;Wexler (Chair)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Public Policy Committee is responsible for reviewing and
making recommendations to the Board regarding public policy
matters that have a significant impact on the Company including
those relating to political contributions, social investment
policy, government relations and public affairs. In 2004, this
Committee met twice. The overall Committee member attendance
rate at these meetings was 88%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsible
Care Committee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members:
Messrs.&nbsp;Findlay and Gregson, Ms.&nbsp;Sloan and
Mr.&nbsp;Sweeney (Chair)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Responsible Care Committee is responsible for reviewing and
making recommendations to the Board regarding matters relating
to the environment and occupational health and safety issues
that impact significantly on the Company. The Committee also
reviews the policies and standards that are in place to ensure
that the Company is carrying out all of its operations in
accordance with the principles of Responsible Care&#174;. In
2004, this Committee met three times. The overall Committee
member attendance rate at these meetings was 93%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Code of Business Conduct</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has in place a Code of Business Conduct which is
applicable to all employees, officers and directors and which
provides a set of standards meant to assist them in avoiding
wrong-doing and to promote honest and ethical behaviour while
conducting the Company&#146;s business. The Code also
establishes a confidential &#147;whistle-blower&#148; hotline
for reporting suspected violations of the Code. The Code is
reviewed annually by the Board. A copy of the Code of Business
Conduct may be obtained by accessing <U>www.methanex.com</U> and
entering the word &#147;code&#148; in the Search function. A
printed version is available upon request to the Corporate
Secretary of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Statement of Corporate Governance Practices</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Corporate governance is an important public policy issue.
Corporate governance means having in place processes and
structures which provide proper direction and management of the
business and affairs of a company and good corporate governance
is critical to a company&#146;s effective, efficient and prudent
operation. Recently, there have been many regulatory and legal
initiatives aimed at improving corporate governance, increasing
corporate accountability and enhancing transparency of public
company disclosure. The Company&#146;s management and Board
actively monitor and, where appropriate, respond to these
initiatives. We comply with regulatory requirements that we are
subject to in Canada and the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company is a Canadian reporting issuer with its Common
Shares listed on the Toronto Stock Exchange (&#147;TSX&#148;)
and the Nasdaq National Market. The TSX has in place a series of
guidelines relating to effective corporate governance (the
&#147;Guidelines&#148;) which address matters such as the
constitution and independence of corporate boards, the functions
to be performed by boards and their committees and the
effectiveness and education of board members. Our corporate
governance practices are consistent with the TSX&#146;s
Guidelines. Many regulatory changes have come into effect in the
past year, including rules issued by the Canadian Securities
Administrators (&#147;CSA&#148;) relating to audit
</DIV>

<P align="center" style="font-size: 10pt;">15

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<DIV align="left" style="font-size: 10pt;">
committees. As well, in October 2004, the CSA published for
comment draft corporate governance guidelines and disclosure
rules. As a result, the Company&#146;s governance practices
continue to evolve. We will continue to follow regulatory
changes closely and will amend our governance practices as
appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As the CSA proposed corporate governance guidelines and
disclosure rules are not yet in effect, information outlining
the Company&#146;s approach to corporate governance with
reference to the TSX Guidelines, as required by the TSX, is set
out in Schedule&nbsp;B to this Circular.
</DIV>

<P align="center" style="font-size: 10pt;">16

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<DIV align="left" style="font-size: 10pt;">
<A name='113'></A>
</DIV>

<!-- link1 "PART IV COMPENSATION" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART IV COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<A name='114'></A>
</DIV>

<!-- link1 "DIRECTORS&#146; COMPENSATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIRECTORS&#146; COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Introduction</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors&#146; compensation was reviewed by the Board in
November 2004 based on analysis undertaken by Mercer Human
Resource Consulting. Director compensation was benchmarked
against a group of North American-based chemical companies with
international operations. This comparator group is the same
group used to benchmark the Company&#146;s executive officer
compensation. The Board was advised that it is common practice
to establish the same comparator group for director compensation
as for executive officer compensation and the Board has
determined that director compensation should be established in
proximity to the 50th percentile of the comparator group. The
Board has made no changes to the existing director compensation
retainer, fee structure and amounts, all of which have been in
place since 2000. However, the directors did increase the
directors&#146; share ownership guideline to two times the
combined annual retainer and value of their annual long
term-incentive plan award. The directors also reviewed the
compensation of the Chairman of the Board and at a Board meeting
held on March&nbsp;4, 2005, resolved, commencing in 2005, to pay
the Chairman $220,000 made up of $120,000 cash and, in 2005,
5000 Restricted Share Units (&#147;RSUs&#148;) valued at
approximately $100,000. The Chairman would not receive any
&#147;per meeting&#148; attendance fees, chair fees or travel
fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors&#146; compensation is paid only to non-management
directors and is made up of a cash retainer, meeting fees and a
Long-Term Incentive award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Retainer and Meeting Fees</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the year ended December&nbsp;31, 2004, annual retainers
and meeting fees were paid to non-management members of the
Board on the following basis:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="75%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Annual board retainer for a non-management director</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $40,000</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Annual retainer for the Chairman of the Board</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $120,000</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Board meeting attendance fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2,500 per meeting</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Committee meeting attendance fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2,500 per meeting</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Board / Committee chair fee</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2,500 per meeting</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Cross-country or inter-continental travel fee to attend board or
    committee&nbsp;meetings</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    $2,500 per trip</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All retainers and fees are paid in Canadian dollars.
Non-employee directors are also reimbursed for transportation
and other expenses incurred for attending board and committee
meetings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the start of 2004, Mr.&nbsp;Choquette was both the
Company&#146;s Chief Executive Officer and Chairman of the
Board. In May, 2004 he retired as the Company&#146;s Chief
Executive Officer. As a result, he commenced receiving
compensation as a director and Chairman of the Board in the
second quarter of 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Long-Term Incentive</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commencing in 2003, non-management directors ceased to be
granted options but instead have been awarded Restricted Share
Units (&#147;RSUs&#148;) under the Company&#146;s Restricted
Share Unit Plan for Directors as part of their compensation. In
2004 directors elected to receive either 6,000&nbsp;RSUs or
6,000&nbsp;DSUs as their Long-Term Incentive award. In 2005
directors elected to receive either 4,000 RSUs or 4,000 DSUs,
except for the Chairman of the Board who received 5,000 RSUs or
DSUs. RSUs are notional shares credited by bookkeeping entry to
an &#147;RSU&nbsp;Account.&#148; When dividends are paid on
Common Shares, an equivalent value of additional RSUs is
calculated and credited to each individual&#146;s account. RSUs
granted in any year will vest on December&nbsp;1st, in the
24th&nbsp;month following the end of the year in which the award
was made. Following vesting, directors are entitled to receive a
cash payment based on the price of the Company&#146;s Common
Shares at that time, net of applicable withholding tax. RSUs do
not entitle participants to any voting or other shareholder
rights and are non-dilutive to shareholders.
</DIV>

<P align="center" style="font-size: 10pt;">17

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors&#146; Deferred Share Unit Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Company&#146;s Deferred Share Unit Plan (the &#147;DSU
Plan&#148;) (more fully described on page&nbsp;25), each
non-management director elects annually to receive 100%, 50% or
0% of his or her retainer and meeting fees as Deferred Share
Units (&#147;DSUs&#148;). The actual number of DSUs granted to a
director is calculated at the end of each quarter by dividing
the dollar amount elected to the DSU Plan by the five day
average closing price of the Common Shares on the TSX during the
last five trading days of that quarter. Additional DSUs are
credited corresponding to dividends declared on the Common
Shares. Under the terms of the DSU Plan, Mr.&nbsp;Balloch having
been appointed a director in 2004, was not eligible to
participate in the DSU Plan in 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors&#146; Share Ownership Guidelines</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since 1998, the Company has had in place share ownership
guidelines for directors to promote shareholder alignment. In
2004, the guidelines were revised to encourage each director to
own Common Shares having a value equal to two times the combined
value of their annual retainer and the value of their long-term
incentive award. RSUs and DSUs held by a director are considered
when determining whether the individual is meeting the share
ownership guidelines. Please refer to the section entitled
Election of Directors beginning on page&nbsp;5 for details on
the number of Common Shares, RSUs and DSUs held by each director
as at March&nbsp;4, 2005. The following table shows the
percentage of the guideline achieved for each non-management
director based on their holdings on March&nbsp;4, 2005. The
table includes Mr.&nbsp;Lawrence and Mr.&nbsp;Morton, both of
whom are not standing for election at the Meeting. Mr.
Aitken&#146;s holdings and percentage achieved can be found on
page&nbsp;23 as part of the Report of Executive Compensation.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares&nbsp;Beneficially</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%&nbsp;of</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Owned&nbsp;or&nbsp;Over&nbsp;which</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Restricted and/or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock&nbsp;Ownership</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Control or Direction</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deferred&nbsp;Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Guideline</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>is&nbsp;Exercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Units&nbsp;Held</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Achieved&nbsp;</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Howard Balloch</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pierre Choquette</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>385,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,805</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Findlay</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>54,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>74,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,094</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brian Gregson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>43,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>58,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>866</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R.J. (Jack) Lawrence</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>83,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,984</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    David Morton</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>80,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>704</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A. Terence Poole</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>10,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>340</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Reid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>14,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>192</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Monica Sloan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>12,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>112</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Graham Sweeney</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>52,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>464</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Anne Wexler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>26,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>232</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Based on the average closing share price of $21.15 for the
    90-day period ending March&nbsp;4, 2005, the percentage
    demonstrates the extent to which the guideline has been achieved.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">18
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='115'></A>
</DIV>

<!-- link1 "EXECUTIVE COMPENSATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth a summary of compensation earned
during the last three fiscal years by the Company&#146;s Chief
Executive Officer, Chief Financial Officer and its three other
executive officers who had the highest aggregate salary and
bonus during 2004 (all such officers are herein collectively
referred to as the &#147;Named Executive Officers&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All amounts shown in this table and elsewhere in this
Information Circular are in Canadian dollars unless otherwise
noted.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Summary Compensation Table</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>



<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Long-Term Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Annual Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>Awards</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Under</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Restricted Share</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Other Annual</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Units</B><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>All Other</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD colspan="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Base Salary</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Bonus</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Granted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Compensation</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 7pt;">
    <TD align="left" nowrap><B>&nbsp;&nbsp;Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Year</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    P.
    Choquette<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>452,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>148,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2,279,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>8,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Chairman and CEO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1,020,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>64,062</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>220,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2,893,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>16,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Retired as CEO on May&nbsp;14, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>959,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>775,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>58,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>620,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    B.
    Aitken<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>708,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>930,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>263,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>66,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>1,016,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>174,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    President and CEO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>728,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>527,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>78,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>341,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>80,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Appointed CEO on May&nbsp;13, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>371,023</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>176,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>61,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>53,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    I.&nbsp;Cameron</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>312,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>243,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>338,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>70,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior VP, Finance&nbsp;&#38; CFO</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>280,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>239,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>341,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>61,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>193,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>65,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>30,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    R.
    Krause<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>450,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>404,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>338,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>79,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Senior VP, Latin America&nbsp;&#38;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>484,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>447,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>341,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>94,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Global Manufacturing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>526,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>262,634</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>96,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    J. Gordon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>395,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>316,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>92,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>338,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>89,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Senior VP, Corporate Resources</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>382,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>324,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>70,311</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>341,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>85,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>368,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>65,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>76,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    G. Duffy</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>375,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>301,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>94,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>338,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>84,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    Senior VP, Global Marketing&nbsp;&#38;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>313,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>80,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>341,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>59,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    Logistics</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>339,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>192,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>75,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>73,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>51,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    These annual incentive payments are reported in the year in
    which they were earned, not in the year in which they were
    actually paid. They are paid in cash and/or DSUs in the year
    following the year in which they are earned. For more
    information concerning these annual incentives, refer to
    &#147;Short-Term Incentive Plan&#148; on page&nbsp;23.
    Mr.&nbsp;Aitken elected to receive 50% of his 2003 and 2004
    Short-Term Incentive Plan award payments in cash
    (2004&nbsp;&#151;$465,000; 2003&nbsp;&#151; $263,500) and 50% in
    DSUs (2004&nbsp;&#151;23,285; 2003&nbsp;&#151; 20,506).
    Mr.&nbsp;Duffy has elected to receive 100% of his 2004
    Short-Term Incentive Plan award payment in the form of
    15,073&nbsp;DSUs. DSUs are held until retirement.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    The amounts shown represent:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="2%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    For Mr.&nbsp;Choquette: housing allowance (2003&nbsp;&#151;
    $24,000; 2002&nbsp;&#151; $24,000), tax payments in respect of
    certain perquisites and other personal benefits made on his
    behalf (2002&nbsp;&#151; $19,589), auto allowance, club
    membership and other miscellaneous items.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    For Mr.&nbsp;Aitken: auto allowance (2003&nbsp;&#151; $41,515;
    2002&nbsp;&#151; $36,080), tax payments in respect of certain
    perquisites and other personal benefits made on his behalf
    (2004&nbsp;&#151; $88,224; 2003&nbsp;&#151; $37,134;
    2002&nbsp;&#151; $20,635), relocation payment (2004&nbsp;&#151;
    $68,461), club membership and other miscellaneous items.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    For Mr.&nbsp;Gordon: housing allowance (2004&nbsp;&#151;
    $34,951; 2003&nbsp;&#151; $37,084; 2002&nbsp;&#151; $41,678),
    club membership, tax payments in respect of certain perquisites
    and other personal benefits made on his behalf, auto allowance
    and other miscellaneous items.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;</TD>
    <TD align="left">
    For Mr.&nbsp;Duffy: housing allowance (2004&nbsp;&#151; $50,787;
    2003&nbsp;&#151; $56,982; 2002&nbsp;&#151; $51,288), tax
    payments in respect of certain perquisites and other personal
    benefits made on his behalf, auto allowance, club membership and
    other miscellaneous items.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
 Where there is no entry for Other Annual Compensation in the
table, the total value of such compensation is less than the
lesser of $50,000 and 10% of total annual salary and bonus for
the Named Executive Officer.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
 Where no amount is stated in this footnote in respect of a
particular benefit, the amount does not exceed 25% of the total
Other Annual Compensation amount disclosed in the table.
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Consists of options for Common Shares of the Company granted.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    In 2003, the Company adopted a Restricted Share Unit Plan (the
    &#147;RSU Plan&#148;). The RSU Plan is more fully described on
    page&nbsp;24. In 2003, a total of 534,000 RSUs were awarded by
    the Company, vesting on December&nbsp;1, 2005. In 2004, a total
    of 649,700 RSUs were awarded to</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">19
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD align="left">
    <FONT style="font-size: 8pt">employees by the Company, vesting
    on December&nbsp;1, 2006. The dollar value of the RSUs shown in
    the table is obtained by multiplying the number of RSUs awarded
    by the closing market price of the Common Shares on the TSX on
    March&nbsp;14, 2003 ($13.15) or March&nbsp;5, 2004 ($15.60), the
    dates the RSUs were awarded.
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
 The number and value of the aggregate holdings of unvested RSUs
and DSUs of each of the Named Executive Officers at the end of
2004, the most recently completed financial year (calculated by
multiplying the number of unvested RSUs and DSUs then held by
the Named Executive Officer by $21.91, the closing market price
of the Common Shares on the TSX on December&nbsp;31, 2004) was:
P. Choquette: 380,223&nbsp;&#151; $8,330,677; B. Aitken:
115,318&nbsp;&#151; $2,526,627; I. Cameron: 49,536&nbsp;&#151;
$1,085,325; R. Krause: 49,536&nbsp;&#151; $1,085,325; J. Gordon:
49,536&nbsp;&#151; $1,085,325; G. Duffy: 49,536&nbsp;&#151;
$1,085,325.
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    The amounts include premiums paid on life insurance and health
    care, contributions to the Company&#146;s Employee Share
    Purchase Plan and pension contributions to both the regular
    Company Defined Contribution pension plan and contributions to
    the Canadian Supplemental Retirement Plan.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    Director&#146;s compensation in the amount of $80,000 paid to
    Mr.&nbsp;Choquette subsequent to his retirement as Chief
    Executive Officer in May 2004 is not included in this Summary
    Compensation Table.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(7)</TD>
    <TD align="left">
    Mr.&nbsp;Aitken was employed in New Zealand for the years 2002
    and 2003 and during those years received his compensation in New
    Zealand dollars with the exception of his 2003 Short-Term
    Incentive award. His salary and other compensation shown in this
    table have been converted to Canadian dollars using average
    foreign exchange rates for the relevant fiscal year except for
    his 2002 incentive payment made in 2003 which used a foreign
    exchange rate in effect on the date payment was approved by the
    Board in 2003. Mr.&nbsp;Aitken was appointed President and Chief
    Operating Officer of the Company in September 2003, and
    President and Chief Executive Officer in May 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(8)</TD>
    <TD align="left">
    Mr.&nbsp;Krause receives his compensation in Chilean pesos. His
    salary and other compensation shown in this table have been
    converted to Canadian dollars using average foreign exchange
    rates for the relevant fiscal year except for his annual
    incentive payment which uses the average foreign exchange rate
    in effect on the date payment was approved by the Board.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Stock Options</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth information concerning the value
realized upon the exercise of options during 2004 and the value
of unexercised options held by the Named Executive Officers as
at December&nbsp;31, 2004. No stock options were granted to any
of the Named Executive Officers in&nbsp;2003 or 2004.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Aggregated Option Exercises During the Most Recently
Completed Financial Year</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>and Financial Year-End Option Values</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt;">
    <TD colspan="9">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Value of Unexercised</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Securities</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Unexercised Options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>in-the-Money Options</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Acquired</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Aggregate</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>at December&nbsp;31, 2004 (#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>at December&nbsp;31, 2004 (Cdn&nbsp;$)</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>on Exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Value Realized</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(#)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(Cdn&nbsp;$)</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Exercisable</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Unexercisable</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    P.
    Choquette<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,364,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,599,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. Aitken</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>137,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,186,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>258,420</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    I. Cameron</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>78,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>739,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>4,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>504,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>63,720</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Krause</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>83,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>915,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>Nil</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>258,420</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    J. Gordon</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>307,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,402,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>87,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>1,073,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>258,420</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    G. Duffy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>64,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>629,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>3,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>18,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>61,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>258,420</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    For the purposes of this column, if the exercise price of any
    option is denominated in US dollars, such exercise price has
    been converted to Canadian dollars using the Bank of Canada noon
    rate of exchange on the date of the exercise.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    The closing price of the Common Shares on the TSX on
    December&nbsp;31, 2004 was Cdn $21.91. For the purposes of this
    column, if the exercise price of any option is denominated in US
    dollars, such exercise price has been converted to Canadian
    dollars using the Bank of Canada closing rate of exchange on
    December&nbsp;31, 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Mr.&nbsp;Choquette holds RSUs and DSUs with a value of
    $8,779,232 calculated by multiplying the number of RSUs and DSUs
    by $21.79, the closing market price of the Common Shares on the
    TSX on March&nbsp;4, 2005.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Retirement Plans</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has established a defined benefit contribution
retirement plan and a defined contribution retirement plan. Both
plans are non-contributory with normal retirement occurring at
age 65. Mr.&nbsp;Choquette participates in the defined benefit
plan. The other Named Executive Officers other than Mr. Krause,
participate in the defined contribution plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The defined benefit plan provides a retirement income based on
years of service and the participant&#146;s best three year
average earnings. Benefits at retirement are paid for life, with
a 60% spousal benefit payable after the death of the former
employee.
</DIV>

<P align="center" style="font-size: 10pt;">20
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The defined contribution plan provides an annual company
contribution equal to 7% of annual base salary. Contributions
are made to a retirement account and invested according to a
selection of investment vehicles. Ten investment vehicles are
made available. At retirement, funds in the account may be used
to purchase an annuity, transferred to a life income fund or
transferred to a locked-in registered retirement savings plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Canadian income tax legislation places limits on the amount of
retirement benefit which may be paid from the regular retirement
plan. Named Executive Officers resident in Canada participate in
a supplemental retirement plan which provides benefits in excess
of what is provided under the regular plan. Benefits are
provided without regard to Canadian income tax limits on the
maximum benefit payable and are paid net of any benefit payable
under the regular plan. Supplemental plan benefits are provided
with earnings defined as base salary plus the target Short-Term
Incentive award. The defined contribution plan benefits provide
Named Executive Officers with an annual contribution equal to
11% of earnings less any contributions made to the regular plan.
The supplemental plan is funded with a combination of assets and
a letter of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Choquette retired in May 2004 with 32 credited years of
service covered under the defined benefit plan, including
recognition of service with NOVA Chemicals Corporation, required
to be included under Mr.&nbsp;Choquette&#146;s employment
agreement. Benefits paid or payable from the NOVA retirement
plans are offset from the total benefit from the Company&#146;s
plans. Mr.&nbsp;Choquette receives from the Company a pension in
the amount of $751,369 per year, comprised of $17,645 from the
defined benefit plan and $733,724 from the supplemental plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All other Named Executive Officers except Mr.&nbsp;Krause
participate in the defined contribution plan. As a non-resident
of Canada, Mr.&nbsp;Krause is not eligible to participate in
either of the Canadian retirement plans but participates in a
retirement plan of a Chilean subsidiary of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following chart shows the Named Executive Officers
participating in the defined contribution plan and the change in
value of their notional Supplemental Retirement Plan benefits:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 9pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="39%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Bruce Aitken</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Ian Cameron</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Gerry Duffy</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>John Gordon</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>


<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2004 Salary
    rate<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $708,730</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $312,250</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $375,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    $395,500</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2004 Short-Term Incentive Target</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;531,548</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;234,188</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;281,250</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;296,625</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pension value as at December&nbsp;31, 2003</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;136,337</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;78,187</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;273,793</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Current service
    cost<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;119,453</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;35,021</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;45,375</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;48,757</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Interest
    cost<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;&nbsp;5,484</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;14,862</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;&nbsp;9,674</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;&nbsp;28,959</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pension value as at December&nbsp;31, 2004</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;124,937</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;186,220</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;133,236</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    &nbsp;351,509</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Salary rate reflects the actual base salary paid during the year,</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Amount calculated as required to be contributed into the
    Canadian Supplemental Retirement Plan [(Base salary + Short-Term
    Incentive at target) X 11% of base salary &#150; (the lower of
    7% of base salary or the income tax limit on pension
    contributions)]</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Interest on the 2003 Pension Value + Current Service cost.
    Interest is based on the balanced fund option of the basic
    (DC)&nbsp;Plan</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Termination of Employment and Employment Contracts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has entered into employment agreements with the
Named Executive Officers that provide for certain rights in the
event of involuntary termination of employment or a change in
control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Aitken has an employment agreement which provides for
three months notice and a termination payment, if his employment
is terminated without cause, of an amount equal to (a)&nbsp;2.5
times his annual salary; (b)&nbsp;2.5 times his target
Short-Term Incentive Plan payment; and (c)&nbsp;compensation for
pension and various other company benefits he would have
received over a 30-month period. In the event of termination or
material change in employment status within 24&nbsp;months
following a change of control of the Company, he is entitled to
an amount equal to (a)&nbsp;2.5 times his annual salary;
(b)&nbsp;2.5 times the average of his last three years&#146;
Short-Term Incentive Plan payments; and (c)&nbsp;compensation
for pension and other company benefits he would have received
over a 30-month period, plus all legal and professional fees and
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs.&nbsp;Cameron, Krause, Gordon and Duffy each have an
employment agreement which provides for three months notice and
a termination payment, if their employment is terminated without
cause, of an amount equal to (a)&nbsp;1.5 times their annual
salary; (b)&nbsp;1.5 times their target Short-Term Incentive
Plan payment; and (c)&nbsp;compensation for pension and various
other company benefits they would have received over an 18-month
period. In the event of
</DIV>

<P align="center" style="font-size: 10pt;">21
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<DIV align="left" style="font-size: 10pt;">
termination or material change in employment status within
24&nbsp;months following a change of control of the Company,
each is entitled to an amount equal to (a)&nbsp;2.0 times their
annual salary; (b)&nbsp;2.0 times the average of their last
three years&#146; Short-Term Incentive Plan payments; and
(c)&nbsp;compensation for pension and other company benefits
they would have received over a 24-month period, plus all legal
and professional fees and expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Composition of the Compensation Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Human Resources Committee of the Board of Directors is
charged with responsibility for compensation matters in respect
of executive officers. The Committee consists of five
members&nbsp;&#151; Messrs.&nbsp;Findlay, Lawrence and Morton,
Ms.&nbsp;Sloan and Ms.&nbsp;Wexler. None of the members of the
Committee is, or was during the most recently completed
financial year, an officer or employee of the Company or any of
its subsidiaries, was formerly an officer of the Company or any
of its subsidiaries, has any indebtedness to the Company or any
of its subsidiaries, or has any material interest, or any
associates or affiliates which have a material interest, direct
or indirect, in any actual or proposed transaction since the
commencement of the Company&#146;s most recently completed
financial year which has materially affected or would materially
affect the Company or any of its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='116'></A>
</DIV>

<!-- link1 "REPORT ON EXECUTIVE COMPENSATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REPORT ON EXECUTIVE COMPENSATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Human Resources Committee Report on Executive Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As part of its mandate, the Human Resources Committee of the
Board reviews and recommends to the Board for approval the
remuneration of the Company&#146;s executive officers, including
the Named Executive Officers identified in the Summary
Compensation Table. The Committee obtains independent advice
from consultants with respect to compensation of executive
officers. The Committee reviews periodically the levels of
compensation for executive officers. The last such competitive
assessment was conducted in March 2004 and the results were
reviewed by the Committee in November 2004. Based on the results
of this assessment, total cash compensation for executive
officers was deemed to be competitive. The Committee also
obtains the advice and recommendations of the Chief Executive
Officer with respect to compensation matters pertaining to the
Company&#146;s other executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Executive Compensation Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;&nbsp;Guiding Principles and Objectives</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s executive compensation policy is designed to
provide competitive compensation to enable the Company to
attract and retain high-quality and high-performance executives
who will significantly contribute to the Company meeting its
strategic business objectives. The Company also believes in the
importance of encouraging executives to own Company shares to
more fully align management with the interests of shareholders
and focus management&#146;s activities on developing and
implementing strategies that create and deliver value for
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.&nbsp;&nbsp;&nbsp;Share Ownership Guidelines</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since 1998, the Company has had share ownership guidelines in
place for directors and executive officers to promote meaningful
share ownership. The guidelines encourage each executive officer
to own shares having a value equal to at least, in the case of
the Company&#146;s Chief Executive Officer, 5.0&nbsp;times his
annual base salary and, in the case of each of the other
executive officers, 3.0&nbsp;times annual base salary. RSUs and
DSUs held by an executive officer are considered when
determining whether the executive is meeting their share
ownership guidelines. Mr.&nbsp;Aitken, the Company&#146;s
President and Chief Executive Officer, held 48,876 Common
Shares, 228,512&nbsp;DSUs and 27,091&nbsp;RSUs as of
March&nbsp;4, 2005 and has achieved&nbsp;149% of the share
ownership guideline for the President and Chief Executive
Officer position, a position he has held since May 2004. All
other executive officers have exceeded the share ownership
guidelines for their position. The target guidelines are
intended to be met within three to five years from the date that
each individual became an executive officer. All other
management personnel of the Company are also subject to share
ownership guidelines that are related to the level of their
position. The chart which follows details the share ownership
position of the Named Executive Officers who were employed at
year-end. Mr.&nbsp;Choquette&#146;s holdings and percentage can
be found on page&nbsp;18 in the Section entitled Directors&#146;
Share Ownership Guidelines.
</DIV>

<P align="center" style="font-size: 10pt;">22

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap><B>At March 4, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="10" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Beneficially</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Deferred or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Stock Ownership</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Owned or Over</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Restricted</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Guidelines</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Which Control or</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Share Units</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Achieved<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Direction is Exercised</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Held</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>%</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    B. Aitken</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>48,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>255,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>149</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    I. Cameron</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>160</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    R. Krause</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>140,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>261</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    J. Gordon</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>42,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>70,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>192</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    G. Duffy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>85,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>210</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Based on the average closing share price of $21.15 for the
    90-day period ending March&nbsp;4, 2005, the percentage
    demonstrates the extent to which the guideline has been
    achieved. The percentage is also based on their 2005 base salary.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The Company has instituted other practices within its
compensation policy directed at aligning the activities of
executive officers with the interests of shareholders. For more
information on these practices, refer to
Section&nbsp;6(b)&nbsp;&#151; Restricted Share Unit Plan on
page&nbsp;24 and Section&nbsp;8&nbsp;&#151; Deferred Share Unit
Plan beginning on page&nbsp;25.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>3.</B></TD>
    <TD>
    <B>Total Compensation</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total compensation for executive officers comprises base salary,
short term incentives, long-term incentives and indirect
compensation. Total compensation is established to be
competitive in proximity to the 50th percentile of the aggregate
compensation for organizations in a reference group of companies
selected on the basis of size and industry and that represent
the market within which the Company competes for leadership
talent. Specifically, the reference group of companies is
comprised of large North American-based chemical, industrial and
commodity companies having, where possible, significant
international operations.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>4.</B></TD>
    <TD>
    <B>Base Salary</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Base salaries for executive officers are targeted to be
competitive in proximity to the 50th percentile of a reference
group of North American-based chemical companies, taking into
account the growth, size, global complexity and autonomous
characteristics of the Company. The Company receives
compensation comparison information from external consultants.
</DIV>

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>5.</B></TD>
    <TD>
    <B>Short-Term Incentive Plan</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s Short-Term Incentive Plan is designed to
recognize the contributions made by executive officers to the
business results of the Company. This plan provides for the
potential of an annual cash award based on corporate performance
using quantifiable financial and operational objectives
established in advance by the Board and personal performance
using specific and pre-established objectives. A target award
equaling 75% of annual base salary in respect of the Chief
Executive Officer and 50% of annual base salary for all other
executive officers is dependent upon both individual and
corporate performance. This plan provides for an award in excess
of the target award if corporate and/or individual performance
results exceed the target performance set for the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Short-Term Incentive Plan award requires that personal
performance and corporate performance be quantified and weighted
for calculation purposes. The corporate performance component
represents 60% of the potential overall award and is based on
shareholder returns and strategic corporate targets. The
personal performance component represents 40% of the potential
overall award and is based on leadership and business
initiatives identified for each executive officer&#146;s area of
responsibility. A complete review of the Short-Term Incentive
Plan as a component of the Chief Executive Officer&#146;s
compensation is found on page&nbsp;25.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each executive officer may elect annually to receive 100%, 50%
or 0% of his Short-Term Incentive Plan award as DSUs.
Mr.&nbsp;Aitken elected to receive 50% of his 2004 Short-Term
Incentive Plan award, which is paid in 2005, in the form of
DSUs. DSUs are more fully described on page&nbsp;25.
</DIV>

<P align="center" style="font-size: 10pt;">23
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>6.&nbsp;&nbsp;&nbsp;Long-Term Incentive Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Long-Term Incentive Plan is designed to align the interests
of executive officers with those of shareholders, to focus
efforts on improving shareholder value and the Company&#146;s
long-term financial strength and to provide an incentive to
continue employment with the Company by providing executive
officers with the opportunity to acquire an increased financial
interest in the Company. The Long-Term Incentive Plan was
significantly modified in 2003 with the introduction of the RSU
Plan, described below, which serves to reduce stock option
grants with a non-dilutive award of RSUs. The plan was further
modified in 2005 to provide 25% of the value in stock options
and 75% in RSUs. The Long-Term Incentive Plan has the following
two components:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(a)&nbsp;&nbsp;Incentive Stock Option Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Incentive Stock Option Plan, executive officers are
eligible for grants of Company stock options. Options are
granted by the Board on the recommendation of the Committee. The
number of options granted to each executive officer in any year
is related to responsibility level and may be adjusted for
individual performance and longer-term potential for upward
mobility. Commencing in 2002, the exercise price is set equal to
the closing price of the Common Shares on the TSX on the day
before the date of the grant and converted to US dollars using
the Bank of Canada Daily Noon Rate on the day that the closing
price is established. If unexercised, each option expires no
later than ten years from the day that the option was granted.
All options granted prior to 2005 expire, in the ordinary
course, ten years after their date of grant. Stock options
granted in 2005 will expire seven years after their date of
grant. For a more complete description of the Incentive Stock
Option Plan, please refer to page&nbsp;28.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2004 all executive officers, including Mr.&nbsp;Aitken
received 100% of the value of their Long-Term Incentive award in
RSUs. In 2005 all executive officers including Mr.&nbsp;Aitken,
received 25% the value of their 2005 Long-Term Incentive award
in stock options and 75% in RSUs. In 2005, Mr. Aitken received
150,000 stock options and all other executive officers will
receive 30,000 stock options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(b)&nbsp;Restricted Share Unit Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
RSUs are notional shares credited by bookkeeping entry to an
&#147;RSU Account&#148;. Additional RSUs corresponding to
dividends declared on the Common Shares are also credited to the
RSU Account. Prior to 2005, executive officers were entitled to
elect to receive 50% or 100% of the value of their annual
Long-Term Incentive award in the form of RSUs and, if resident
in Canada, they could make a further election to take DSUs in
place of their RSU award. All executive officers elected to
receive 100% of the value of their 2004 Long-Term Incentive
awards in RSUs. Mr.&nbsp;Aitken further elected to receive his
2004 RSUs as DSUs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 2005, executives were granted 75% of their Long-Term
Incentive value as RSUs. Mr. Aitken was awarded
117,000&nbsp;RSUs and the Company&#146;s other executive
officers were awarded 21,000&nbsp;RSUs. All executive officers
resident in Canada, including Mr.&nbsp;Aitken, further elected
to take DSUs in place of their 2005 RSU awards. RSUs granted in
any year will normally vest on December 1st, in the 24th month
following the end of the year in which the award was made. For
example, RSUs awarded in 2005 will vest on December 1st, 2007.
The RSU Plan has been extended to other management positions. In
general, following the vesting of the RSUs, an employee obtains
an amount of cash equal to one-half of the value of their vested
RSUs (less withholding taxes) and a number of Common Shares
equal to one-half the number of vested RSUs. RSUs held by an
employee are considered when determining whether the individual
is meeting share ownership guidelines. RSUs do not entitle
participants to any voting or other shareholder rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Normally, RSUs vest upon the retirement of the executive
officer. However, in the case of Mr.&nbsp;Choquette, who retired
in May 2004, it was agreed by the Board that RSUs granted to him
would vest in their normal course.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>7.&nbsp;&nbsp;&nbsp;Indirect Compensation Benefits and
Perquisites</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Indirect compensation of executive officers includes
participation in the retirement plans described above as well as
benefits such as extended health and dental care, life insurance
and disability benefits, and access to a group retirement
savings plan. Executive officers may also participate in the
Company&#146;s Employee Share Purchase Plan which allows them to
regularly contribute up to 15% of base salary into an account in
order to purchase Common Shares. The Company contributes into
the account an amount of cash equal to one-half of the executive
officer&#146;s cash contribution to a maximum of 5% of base
salary. The combined funds in the account are, on a semi-monthly
basis, used to purchase Common Shares on the open market.
</DIV>

<P align="center" style="font-size: 10pt;">24

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>8.&nbsp;&nbsp;&nbsp;Deferred Share Unit Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the DSU Plan, each executive officer may elect annually to
receive 100%, 50% or 0% of his Short-Term Incentive Plan award
as DSUs. The actual number of DSUs granted to an executive
officer with respect to an executive officer&#146;s Short-Term
Incentive Plan award is calculated in March of the following
calendar year by dividing the dollar amount elected to the DSU
Plan by the average daily closing price of the Common Shares on
the TSX for the preceding 90&nbsp;days of the prior calendar
year. Under the Long-Term Incentive Plan, executive officers who
are awarded RSUs may elect to receive an equivalent number of
DSUs in place of their RSU award. A DSU account is credited with
notional grants of DSUs received by each DSU Plan member.
Additional DSUs are credited to DSU Plan members corresponding
to dividends declared on the Common Shares. DSUs do not entitle
a DSU Plan member to any voting or other shareholder rights.
DSUs count towards the achievement of Share Ownership Guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The DSUs are redeemable only when the DSU Plan member&#146;s
term as a director or employment with the Company ceases or upon
death (&#147;Termination Time&#148;) and a lump sum cash
payment, net of any withholdings, is made after the DSU Plan
member specifies the redemption date. The lump sum amount is
calculated by multiplying the number of DSUs held in the account
by the closing price of the Common Shares on the TSX on the
redemption date. The redemption date may fall on a date within a
period beginning one year before the Termination Time and ending
on December&nbsp;26 of the first calendar year commencing after
the Termination Time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>9.&nbsp;&nbsp;&nbsp;Executives Outside Canada</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total compensation policy as it relates to Named Executive
Officers employed outside Canada is established with reference
to the local market in each country. Reference groups of
comparator companies are established with policy benchmarks for
salaries and benefits at each level of management. Executive
officers employed in countries other than Canada are eligible to
participate in the Company&#146;s Short-Term Incentive Plan and
Long-Term Incentive Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>10.&nbsp;Chief Executive Officer Compensation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Chief Executive Officer&#146;s total compensation is
targeted to be competitive in proximity to the 50th percentile
of a reference group of North American-based chemical companies,
taking into account the growth, size, global complexity and
autonomous characteristics of the Company. The Company receives
compensation comparison information from external consultants.
The three components of the Chief Executive Officer&#146;s total
compensation are:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Base Salary,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Short-Term Incentives, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Long-Term Incentives.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Base Salary</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Chief Executive Officer&#146;s base salary is established
within a salary range, the midpoint of which is targeted to be
at the 50th percentile of the external market. Initial placement
into the range is based on qualifications and experience. The
salary will be adjusted based on annual assessments of
performance against the demands of the position. Over time, base
salary can approach and may exceed the midpoint of the salary
range. In Mr.&nbsp;Aitken&#146;s case, initial placement into
the range reflected a promotion from a subordinate position and,
as he gains in experience and demonstrates continued
achievement, his salary would be expected to reflect a
commensurate increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Short-Term Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Short-Term Incentive Plan award requires that the personal
performance and corporate performance be quantified for
calculation purposes and weighted 60% for corporate performance
and 40% for Chief Executive Officer&#146;s personal performance.
A target award equaling 75% of annual base salary exists for the
Chief Executive Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Mr.&nbsp;Choquette was the Chief Executive Officer until
May&nbsp;14, 2004 at which time Mr.&nbsp;Aitken became President
and Chief Executive Officer. The Board determined that the
corporate performance component in respect of both of them in
2004 be based on two elements: the Company&#146;s return on
capital employed (&#147;ROCE&#148;) and total fixed cash costs
budgeted for the year. The Company uses ROCE as a measure of the
quality of the returns to shareholders and in 2004 established
12% ROCE as the target payout. The Company&#146;s actual ROCE in
2004 was 19%. The Company&#146;s management establishes an
annual budget for total fixed cash costs. Minimizing cash costs
is important for the Company&#146;s business and being low cost
is a key element of the Company&#146;s core strategy. In 2004,
this target was achieved.
</DIV>

<P align="center" style="font-size: 10pt;">25

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The personal performance component is based on a number of
measures including the successful execution of strategic
initiatives, organizational leadership and achievement of other
corporate objectives. For Mr.&nbsp;Choquette, the Board
determined that this component should be based on a successful
leadership transition, improved corporate governance practices
and delivering superior shareholder returns and certain other
measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For Mr.&nbsp;Aitken, the highest priority items in the personal
performance component in 2004 were his involvement in
successfully starting-up the Atlas facility in Trinidad,
executing the Chile IV project on budget and on time and
participating in a successful leadership transition. Other
priority items consisted of achieving all Responsible Care
objectives, addressing long term supply to the Asia Pacific
market and certain other criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the end of 2004, the Board reviewed
Mr.&nbsp;Choquette&#146;s and Mr. Aitken&#146;s performance
against each of these measures. The Board awarded
Mr.&nbsp;Choquette a short-term incentive award valued at 140%
of the target payout. Consequently, he was awarded a short-term
incentive payment of $350,000 based on his being Chief Executive
Officer for the first five months of 2004. In respect of
Mr.&nbsp;Aitken, it was determined by the Board that the
objectives of both the corporate and personal performance
components were exceeded and the Board awarded Mr.&nbsp;Aitken a
short-term incentive award valued at&nbsp;155% of the target
payout. Consequently, he was awarded a short-term incentive
payment of $930,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For 2005, the Board has determined that the corporate
performance component in respect of the Chief Executive Officer
be based on a ROCE which has been modified to eliminate the
distortion of accounting depreciation on new and depreciated
assets as well as on a fixed cash cost budget which is less than
the budget set for 2004. The Board has also determined that the
highest priority personal performance components comprise
successful start-up of the Chile IV project, successful
integration of the Atlas and Titan plants in Trinidad and
progressing a potential new methanol production project against
established timelines. Other priority items consist of achieving
Responsible Care objectives, improved metrics in the 2005
Employee Engagement Survey and certain other criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B><I>Long-Term Incentive Plan</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The long-term incentives to which the Chief Executive Officer is
entitled are described in Section&nbsp;6&nbsp;&#151; Long-Term
Incentive Plan on page&nbsp;24.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Submitted by the Human Resources Committee: <BR>
     <BR>
     R. Findlay (Chair) <BR>
     R. J. Lawrence <BR>
     D.&nbsp;Morton <BR>
     M.&nbsp;Sloan <BR>
     A.&nbsp;Wexler</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
<A name='117'></A>
</DIV>

<!-- link1 "INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No director or officer of the Company, no proposed nominee for
election as a director of the Company, and no associate of any
such director, officer or proposed nominee, at any time during
the most recently completed financial year has been indebted to
the Company or any of its subsidiaries or had indebtedness to
another entity which is, or has been, the subject of a
guarantee, support agreement, letter of credit or similar
arrangement or understanding provided by the Company or any of
its subsidiaries, other than, in each case, &#147;routine
indebtedness&#148; (as defined in the <I>Canada Business
Corporations Act</I> and under applicable securities laws) or
which was entirely repaid before the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='118'></A>
</DIV>

<!-- link1 "DIRECTORS&#146; AND OFFICERS&#146; LIABILITY INSURANCE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>DIRECTORS&#146; AND OFFICERS&#146; LIABILITY INSURANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company carries insurance that includes coverage for the
benefit of the directors and officers of the Company and its
subsidiaries arising from any claim or claims made against them,
jointly or severally, during the policy period, by reason of any
wrongful act, as defined in the policy, in their respective
capacities as directors or officers. The policy also insures the
Company and its subsidiaries in respect of any amount the
Company or any of its subsidiaries is permitted or required to
pay to any of its directors or officers as reimbursement for
claims made against them in their capacity as a director or
officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The insurance provides US $125,000,000 coverage, inclusive of
costs, charges and expenses, subject in the case of loss by the
Company or its subsidiaries to a deductible of US $250,000 (US
$1,000,000 for securities claims). There is no deductible in the
case of loss by a director or officer. However, the limits of
coverage available in respect of any single claim may be less
than US $125,000,000, as the insurance is subject to an annual
aggregate limit of US&nbsp;$125,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The cost of this insurance for the current policy year is
US&nbsp;$1,415,089.
</DIV>

<P align="center" style="font-size: 10pt;">26
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='119'></A>
</DIV>

<!-- link1 "PART V OTHER INFORMATION" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>PART&nbsp;V OTHER INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='120'></A>
</DIV>

<!-- link1 "TOTAL SHAREHOLDER RETURN COMPARISON" -->

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TOTAL SHAREHOLDER RETURN COMPARISON</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following graph compares the total cumulative shareholder
return for $100 invested in Common Shares of the Company on
December&nbsp;31, 1999 with the cumulative total return of the
S&#38;P/TSX Composite Index (formerly the TSX&nbsp;300 Composite
Index), for the five most recently completed financial years.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Cumulative Value of $100 Investment</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<IMG src="o15575o1557501.gif" alt="(SHAREHOLDER RETURN COMPARISON GRAPH)">
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 7pt; margin-top: 15pt; ">

<TR style="font-size: 1pt;">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 1999</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 2000</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 2001</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 2002</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 2003</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Dec. 31, 2004</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>



<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Methanex</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    S&#38;P/TSX Composite Index</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$</TD>
    <TD align="right" valign="top" nowrap>110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Dividends declared on Common Shares of the Company are assumed
to be reinvested at the closing share price on the dividend
payment date.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='121'></A>
</DIV>

<!-- link1 "SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION
PLANS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Equity Compensation Plan Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table provides information as at December&nbsp;31,
2004 with respect to compensation plans under which equity
securities of the Company are authorized for issuance.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 15pt; ">

<TR style="font-size: 1pt;">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="9">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of securities</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="9">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>remaining available for</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of securities to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Weighted average</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>future issuance under</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>be issued upon exercise</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>exercise price of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>equity compensation plans</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>of outstanding options,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>outstanding options,</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(excluding securities</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>warrants and rights</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>warrants and rights</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>reflected in column&nbsp;(a))</B></TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD align="left" nowrap><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(a)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(b)</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>(c)</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity compensation plans approved by securityholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,385,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Cdn.$</TD>
    <TD align="right" valign="bottom" nowrap>9.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>996,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Equity compensation plans not approved by securityholders</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Total</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,385,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Cdn.$</TD>
    <TD align="right" valign="bottom" nowrap>9.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>996,575</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There is no compensation plan under which equity securities of
the Company are authorized for issuance that was adopted without
approval of securityholders.
</DIV>

<P align="center" style="font-size: 10pt;">27
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Incentive Stock Option Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company has an Incentive Stock Option Plan (herein referred
to as the &#147;Incentive Stock Option Plan&#148; or the
&#147;Plan&#148;) pursuant to which the Board of Directors may
from time to time in its discretion grant to officers, directors
and other employees of the Company and its subsidiaries (who in
the case of employees, must be full-time employees of the
Company or of a subsidiary and who, in the opinion of the Board,
are key employees), options to purchase unissued Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets out the total number of Common Shares
which may be issued from and after the date of this Circular
pursuant to options granted under the Plan, the number of Common
Shares potentially issuable pursuant to options outstanding and
unexercised under the Plan, and the remaining number of Common
Shares available to be issued pursuant to options granted from
and after the date of this Circular.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Common Shares available for future</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="6" align="center" nowrap><B>Common Shares issuable under Plan</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>Common Shares issuable pursuant to</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>issuance pursuant to options granted</B></TD><TD></TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="6" align="center" nowrap><B>from and after March&nbsp;4, 2005</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>outstanding unexercised options</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap><B>after March&nbsp;4, 2005</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="6" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Number of</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="7">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Common</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>Maximum&nbsp;Number</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Shares</B></TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap><B>Percentage</B></TD><TD></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD><TD></TD>
</TR>

<TR valign="bottom" bgcolor="#cceeff">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>3,117,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.6</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2,756,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>2.3</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>361,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;0.3</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<TR>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;88.4</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>11.6</TD>
    <TD align="left" valign="bottom" nowrap><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 2pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    Approximate percentage of the Company&#146;s outstanding Common
    Shares on a non-diluted basis as at the date of this Circular.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Approximate percentage of the 3,117,950 total number of Common
    Shares which may be issued from and after the date of this
    Circular referred to in the first column.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The maximum number of Common Shares which may be reserved for
issuance to, or covered by any option granted to, any person may
not exceed the lower of 5% of the outstanding issue or the
maximum number permitted by the applicable securities laws and
regulations of Canada or of the United States or any political
subdivision of either, and the by-laws, rules and regulations of
any stock exchange or other trading facility upon which the
Common Shares are listed or traded, as the case may be. Apart
from this restriction, there is no maximum number or percentage
of securities under the Plan available to insiders of the
Company or which any one person or company is entitled to
receive under the Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The exercise price for each option granted under the Plan is the
price fixed for such option by the Board which may not be less
than the fair market value of the Common Shares on the date the
option is granted. Commencing in 2002, the fair market value for
this purpose is deemed to be the US Dollar equivalent of the
closing price at which board lots of the Common Shares were
traded on the TSX on the day preceding the date on which the
option is granted or if no board lots are traded on such date
then the US Dollar equivalent of the closing price at which
board lots were traded on the most recent day upon which at
least one board lot was traded. The US Dollar equivalent is
determined by using the US Dollar/ Canadian Dollar Daily Noon
Rate as published by the Bank of Canada on the day the closing
price is established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to certain limitations contained in the Plan, options
may be granted upon and subject to such terms, conditions and
limitations as the Board may from time to time determine with
respect to each option, including terms regarding vesting. The
Common Shares subject to any option may be purchased at such
time or times after the option is granted as may be determined
by the Board. Each option expires on an expiry date no later
than ten years from the day the option was granted except that,
subject to the right of the Board in its discretion to determine
that a particular option may be exercisable during different
periods, in respect of a different amount or portion or in a
different manner:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)</TD>
    <TD align="left">
    in the case of death of an optionee prior to the expiry date,
    the option will be exercisable prior to the earlier of
    (i)&nbsp;the date which is one year from the date of death, and
    (ii)&nbsp;the expiry date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD align="left">
    in the case of disability or retirement of the optionee prior to
    the expiry date the option shall vest immediately; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD align="left">
    if the optionee ceases, for any other reason, to be a director,
    officer or employee of the Company or of a subsidiary of the
    Company prior to the expiry date, the option will be exercisable
    prior to the earlier of (i)&nbsp;the date which is 90&nbsp;days
    from the date the optionee ceases to be a director, officer or
    employee and (ii)&nbsp;the expiry date.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">28
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For each outstanding and unexercised option granted prior to
2005, other than the performance stock options described below,
50% of the shares subject to option vest on the first
anniversary of the date of the grant, a further 25% vest on the
second anniversary of the date of the grant, and the final 25%
vest on the third anniversary of the date of the grant. For
options granted in 2005 and (it is intended) in future years,
one third of the shares subject to option vest on the first
anniversary of the date of the grant, a further third on the
second anniversary of the date of the grant and the final third
vest on the third anniversary of the date of the grant. Each
outstanding and unexercised option granted prior to 2005
expires, in the ordinary course, ten years after the date of
their grant. Options granted in 2005 and (it is intended) in
future years will expire, in the ordinary course, seven years
after the date of their grant. With respect to executive
officers who have Employment Agreements, in the event of a
Change of Control, any option granted prior to the change of
control, that is not by its terms then exercisable, shall be
deemed to have become exercisable immediately prior to such
change of control. The Employment Agreements further provide
that, notwithstanding any terms of the Plan or option to the
contrary, options granted may be exercised up to the expiry date
of the exercise term of the particular option, provided that
nothing shall preclude the compulsory acquisition of such
options at their fair market value in the event of a going
private transaction effected pursuant to the amalgamation,
arrangement or compulsory acquisition provisions of the Canada
Business Corporations Act or successor legislation thereto. No
option may be transferable or assignable otherwise than by will
or the laws of succession and distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In September 1999 &#147;performance stock options&#148; were
granted to all executive officers and certain other key
employees of the Company. The performance stock options were
granted at a price of $4.47, the closing price of the Common
Shares on the TSX on the day before the day of the grant. The
vesting of the performance stock options is tied to the market
value of the Common Shares after October&nbsp;1, 2002. One third
of the options vest if, after that date, the Common Shares trade
at or above $10, a further one-third vest if the Common Shares
trade at or above $15 and the options are fully vested if the
Common Shares trade at or above $20. All performance stock
options are now exercisable. Performance stock options expire on
September&nbsp;9, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Plan provides that the Board of Directors may at any time
amend any of the provisions of the Plan subject to obtaining any
required approval of appropriate stock exchanges or other
regulatory authorities. TSX requirements expressly require that
shareholder approval (excluding the votes of securities held
directly or indirectly by insiders benefiting from the
amendment) is required for (i)&nbsp;a reduction in the exercise
price or purchase price or (ii)&nbsp;an extension of the term,
under a security compensation arrangement (which would include
the Plan) benefiting an insider of the Company. Nasdaq
requirements generally require shareholder approval when a stock
option plan is to be established or materially amended. For this
purpose, material amendments would include (i)&nbsp;any material
increase in the number of shares to be issued under the plan
(other than to reflect a reorganization, stock split, merger,
spin-off or similar transaction); (ii)&nbsp;any material
increase in benefits to participants, including any material
change to (a)&nbsp;permit a repricing (or decrease in exercise
price) of outstanding options; (b)&nbsp;reduce the price and
which shares or options may be offered or (c)&nbsp;extend the
duration of the plan; (iii)&nbsp;any material expansion of the
class of participants eligible to participate in the plan; and
(iv)&nbsp;any expansion in the types of options or awards
provided under the plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, the TSX has indicated that for plans that have a
general amendment provision, the Exchange will not require
security holder approval for the following types of amendments:
(i)&nbsp;amendments of a &#147;housekeeping&#148; nature;
(ii)&nbsp;a change to the vesting provisions of a security or a
plan; (iii)&nbsp;a change to the termination provisions of a
security or a plan which does not entail an extension beyond the
original expiry date; and (iv) the addition of a cashless
exercise feature, payable in cash or securities, which provide
for a full deduction of the number of underlying securities from
the plan reserve. The TSX has further indicated that it will
require security holder approval for the following types of
amendments: (a)&nbsp;any amendment to the number of securities
issuable under the plan, including any increase to a fixed
maximum number of securities or a change from a fixed maximum
number of securities to a fixed maximum percentage (but a change
to a fixed maximum percentage which was previously approved by
security holders or a reloading of securities after exercise
under a fixed maximum percentage plan provided that the fixed
maximum percentage of securities is not increased and the plan
specifically provides for the reload will not require additional
security holder approval); (b)&nbsp;any change to the eligible
participants which would have the potential of broadening or
increasing insider participation; (c) the addition of any form
of financial assistance; (d)&nbsp;any amendment to a financial
assistance provision which is more favourable to participants;
(e) the addition of a cashless exercise feature, payable in cash
or securities which does not provide for a full deduction of the
number of underlying securities from the plan reserve; and
(f)&nbsp;the addition of a deferred or restricted share unit or
any other provision which results in participants receiving
securities while no cash consideration is received by the issuer.
</DIV>

<P align="center" style="font-size: 10pt;">29

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The TSX has further noted that they may require security holder
approval in other circumstances, and generally will do so for
amendments which the Exchange staff consider fundamental changes
to the plan which may lead to significant or reasonable dilution
in the issuer&#146;s outstanding securities, or may provide
additional benefits to eligible participants, especially
insiders, at the expense of the listed issuer and its existing
security holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2005, the Company amended the Plan to clarify that
options may be granted under the Plan to employees and directors
of subsidiaries of the Company that may not be wholly-owned
subsidiaries. An example would be employees of Atlas Methanol
Company who are employed at the new Atlas facility in Trinidad.
The Company has a 63.1% interest in Atlas and BP owns the
remaining 36.9%. The amendment is subject to the approval of the
TSX and Nasdaq.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='122'></A>
</DIV>

<!-- link1 "SHAREHOLDER PROPOSALS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SHAREHOLDER PROPOSALS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder proposals to be considered at the 2006 annual
general meeting of shareholders of the Company must be received
at the principal executive offices of the Company no later than
December&nbsp;29, 2005 to be included in the information
circular and form of proxy for such annual meeting.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='123'></A>
</DIV>

<!-- link1 "ADDITIONAL INFORMATION" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ADDITIONAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Additional information relating to the Company is on SEDAR at
<U>www.sedar.com</U> and at the Company&#146;s website at
<U>www.methanex.com</U>. Financial information is provided in
the Company&#146;s comparative financial statements and
Management&#146;s Discussion and Analysis for the most recently
completed financial year.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Company will provide to any person or company, without
charge to any security holder of the Company, upon request to
the Corporate Secretary of the Company, copies of the
Company&#146;s Annual Information Form together with a copy of
any document (or the pertinent pages of any document)
incorporated therein by reference, the Company&#146;s
comparative consolidated financial statements and
Management&#146;s Discussion and Analysis (&#147;MD&#38;A&#148;)
for the year ended December&nbsp;31, 2004 together with the
accompanying auditor&#146;s report and any interim consolidated
financial statements of the Company that have been filed for any
period after the end of the Company&#146;s most recently
completed financial year, and the Company&#146;s Information
Circular in respect of the Meeting to be held on May&nbsp;5,
2005.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>If a registered holder or beneficial owner of the
Company&#146;s securities, other than debt instruments, requests
the Company&#146;s annual or interim financial statements or
MD&#38;A, the Company will send a copy of the requested
financial statements and MD&#38;A (provided it was filed less
than two years before the Company receives the request) to the
person or company that made the request, without charge.
Pursuant to National Instrument&nbsp;51-102, the Company is
required to annually send a request form to registered holders
and beneficial owners of the Company&#146;s securities, other
than debt securities, that such registered holders and
beneficial owners may use to request a copy of the
Company&#146;s annual financial statements and MD&#38;A, interim
financial statements and MD&#38;A, or both. Registered holders
and beneficial owners should review the request form carefully.
In particular, registered holders and beneficial owners should
note that, under applicable Canadian securities laws, the
Company is only required to deliver financial statements and
MD&#38;A to a person or company that requests them. Failing to
return a request form or otherwise specifically request a copy
of the financial statements or MD&#38;A from the Company may
result in a registered holder or beneficial owner not being sent
these documents. Copies of these documents can also be found at
<U>www.sedar.com</U> and the Company&#146;s website at
<U>www.methanex.com</U>.</B>
</DIV>

<P align="center" style="font-size: 10pt;">30

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='124'></A>
</DIV>

<!-- link1 "APPROVAL BY DIRECTORS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>APPROVAL BY DIRECTORS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The contents and the sending of this Information Circular have
been approved by the Board of Directors of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DATED at Vancouver, British Columbia this 4th&nbsp;day of March,
2005.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 24pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
(signed) <FONT style="font-variant:SMALL-CAPS">Randy Milner
</FONT>
</DIV>

<DIV align="right" style="font-size: 10pt;">
Senior Vice President, General Counsel
</DIV>

<DIV align="right" style="font-size: 10pt;">
and Corporate Secretary
</DIV>

<P align="center" style="font-size: 10pt;">31

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='126'></A>
</DIV>

<!-- link1 "SCHEDULE A" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE A</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATE GOVERNANCE PRINCIPLES</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>TABLE OF CONTENTS</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 12pt; ">

<TR style="font-size: 1pt;">
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#128'>1.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#128'>OBJECT OF THESE CORPORATE GOVERNANCE
    PRINCIPLES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#129'>2.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#129'>CODE OF ETHICS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#130'>3.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#130'>BOARD RESPONSIBILITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#131'>4.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#131'>DIRECTOR RESPONSIBILITIES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#132'>5.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#132'>BOARD LEADERSHIP</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#133'>6.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#133'>BOARD MEMBERSHIP</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#134'>7.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#134'>BOARD COMPENSATION</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#135'>8.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#135'>SHARE OWNERSHIP</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#136'>9.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#136'>ASSESSING THE BOARD&#146;S PERFORMANCE</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#137'>10.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#137'>BOARD&#146;S INTERACTION WITH
    STAKEHOLDERS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#138'>11.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#138'>MEETING PROCEDURES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#139'>12.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#139'>COMMITTEE MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#140'>13.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#140'>BOARD RELATIONSHIP TO SENIOR MANAGEMENT</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#141'>14.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#141'>ACCESS TO RESOURCES AND ENGAGEMENT OF
    ADVISORS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#142'>15.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#142'>EVALUATION AND SUCCESSION OF EXECUTIVE
    OFFICERS</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="right" valign="top">&nbsp;<A HREF='#143'>16.</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    &nbsp;<A HREF='#143'>REVIEW OF CORPORATE GOVERNANCE
    PRINCIPLES</A></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom" nowrap>37</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">32
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt;">
<A name='128'></A>
</DIV>

<!-- link1 "1.OBJECT OF THESE CORPORATE GOVERNANCE PRINCIPLES" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>1.&nbsp;&nbsp;&nbsp;OBJECT OF THESE CORPORATE GOVERNANCE
PRINCIPLES</B>
</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of Methanex Corporation (the
&#147;Company&#148;) has adopted these Corporate Governance
Principles as it is responsible for providing the foundation for
a system of principled goal-setting, effective decision-making
and ethical actions, with the objective of establishing a vital
corporate entity that provides value to the Company&#146;s
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='129'></A>
</DIV>

<!-- link1 "2.CODE OF ETHICS" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>2.&nbsp;&nbsp;&nbsp;CODE OF ETHICS</B>
</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All directors, officers and employees are expected to display
the highest standard of ethics. The Company shall adopt a Code
of Business Conduct to establish guidelines for ethical and good
business conduct by directors, officers, and employees and the
Code shall include guidance regarding conflicts of interest,
corporate opportunities, confidentiality and protection of
company assets. The Board, through the Corporate Governance
Committee, shall annually review the Code&#146;s contents.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='130'></A>
</DIV>

<!-- link1 "3.BOARD RESPONSIBILITIES" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>3.&nbsp;&nbsp;&nbsp;BOARD RESPONSIBILITIES</B>
</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The business of the Company is conducted by its employees,
managers and officers, under the direction of the President and
Chief Executive Officer (the &#147;CEO&#148;) and the
stewardship and supervision of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board oversees and provides policy guidance on the business
and affairs of the Company. In particular, the Board monitors
overall corporate performance, oversees succession planning for
and performance of, executive officers including the appointment
and performance of the CEO, adopts a strategic planning process
and approves, at least annually, a strategic plan, evaluates the
integrity of the Company&#146;s internal control, information
and other management systems, identifies and oversees the
implementation of systems to manage the principal risks of the
Company&#146;s business and oversees the implementation of a
communication policy for the Company.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='131'></A>
</DIV>

<!-- link1 "4.DIRECTOR RESPONSIBILITIES" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>4.&nbsp;&nbsp;&nbsp;DIRECTOR RESPONSIBILITIES</B>
</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Act in best interests</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The primary responsibility of each director is to:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>a)</TD>
    <TD align="left">
    act honestly and in good faith with a view to the best interest
    of the Company; and,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>b)</TD>
    <TD align="left">
    exercise the care, diligence and skill that a reasonably prudent
    person would exercise in comparable circumstances.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Participation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors are expected to prepare for, attend, and participate
in meetings of the Board and the committees of which they are
members. Directors will maintain the confidentiality of the
deliberations and decisions of the Board and information
received at meetings, except as may be specified by the Chairman
or if the information is publicly disclosed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Performance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Performance as a director is the main criterion for determining
a director&#146;s on-going service on the Board. To assist in
determining performance, each director will take part in an
annual performance evaluation process which shall include a
self-evaluation and a confidential discussion with the Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Ongoing education</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors are encouraged to attend seminars, conferences, and
other continuing education programs to help ensure that they
stay current on relevant issues such as corporate governance,
financial and accounting practices and corporate ethics. From
time to time, the Corporation will arrange for site visits and
other special presentations intended to deepen the
directors&#146; familiarity with the Company and its affairs.
</DIV>

<P align="center" style="font-size: 10pt;">33

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<DIV align="left" style="font-size: 10pt;">
<A name='132'></A>
</DIV>

<!-- link1 "5.BOARD LEADERSHIP" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>5.</B></TD>
    <TD>
    <B>BOARD LEADERSHIP</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Selection of Chairman and CEO</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board elects its Chairman and appoints the Company&#146;s
CEO. As a general principle, the Board believes that the
Chairman and the CEO should not be the same person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Lead independent director</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The independent directors on the Board (please refer to
Schedule&nbsp;A for definition of independent director) may
select from among themselves a Lead Independent Director. The
Lead Independent Director chairs regular meetings of the
independent directors and assumes other responsibilities
described in the Terms of Reference for the Lead Independent
Director or which the Corporate Governance Committee may
designate.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='133'></A>
</DIV>

<!-- link1 "6.BOARD MEMBERSHIP" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>6.</B></TD>
    <TD>
    <B>BOARD MEMBERSHIP</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Criteria for Board membership</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Governance Committee will review each year the
credentials of candidates to be considered for nomination to the
Board. The objective of this review will be to maintain a
composition of the Board which provides a satisfactory mix of
skills and experience. This review will include taking into
account the desirability of maintaining a reasonable diversity
of personal characteristics but maintaining common
characteristics such as personal integrity, achievement in
individual fields of expertise and a willingness to devote
necessary time to Board matters. The Board expects that the
Corporate Governance Committee will take action to effect
changes in incumbent directors if, in the opinion of the
Committee after discussion with the Chairman/ CEO, such changes
are deemed appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>New directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Governance Committee is responsible for
identifying new candidates to be recommended for election to the
Board and is also responsible for establishing criteria for the
selection of new directors and conducting all necessary
inquiries into their backgrounds and qualifications and making
recommendations to the full Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Orientation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will provide new directors with an orientation to
the Company, its management structure and operations, the
industry in which the Company operates, and key legal,
financial, and operational issues. An information package will
be provided which will include information about the duties of
directors, the business of the Company, documents from recent
Board meetings, information regarding corporate governance and
the structure and procedures of the Board and its committees.
New directors will also be provided with an opportunity to meet
senior management and other directors and to tour the
Company&#146;s operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board composition</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s By-laws provide for the directors to
establish the number of directors to sit on the Board within a
broad minimum/maximum range. The directors are to determine a
size of Board large enough to provide a diversity of expertise
and opinion, yet small enough to allow for efficient operation
and decision-making. The Corporate Governance Committee annually
reviews the size of the Board and recommends any changes it
determines appropriate. The Board is to be composed of a
substantial majority of independent directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Directors who change their present occupation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors who retire or otherwise leave or change the position
they held when they first were appointed to the Board should not
necessarily leave the Board. In this circumstance, the Corporate
Governance Committee shall review the appropriateness of a
director&#146;s continued service on the Board. When continued
service does not appear appropriate, the director may be asked
to stand down.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Term limits</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Directors are elected by the shareholders at every Annual
General Meeting. The term of office of each director shall
expire at the close of the Annual General Meeting of
Shareholders following that at which he or she was elected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cumulative term limits for directors should not be established
as this could have the effect of forcing directors off the Board
who have gained a deep and detailed knowledge of the
company&#146;s operations and business affairs. At the
</DIV>

<P align="center" style="font-size: 10pt;">34

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<DIV align="left" style="font-size: 10pt;">
same time, the value of some turnover in Board membership to
provide an ongoing input of fresh ideas and new knowledge is
recognized. The Corporate Governance Committee shall review
annually the membership of the Board to enable the Board to
manage its overall composition and maintain a balance of
directors to ensure long-term continuity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Other Board memberships</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whether service on other boards is likely to interfere with the
performance of a director&#146;s duties to the Company depends
on the individual and the nature of his other activities. The
Board believes that the commitment required for effective
membership on the Company&#146;s Board is such that directors
are to consult with the Chairman and the Chair of the Corporate
Governance Committee prior to accepting an invitation to serve
on another board.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='134'></A>
</DIV>

<!-- link1 "7.BOARD COMPENSATION" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>7.</B></TD>
    <TD>
    <B>BOARD COMPENSATION</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors are required to devote significant time and energy to
the performance of their duties. To attract and retain able and
experienced directors, they are to be compensated competitively.
The Corporate Governance Committee is responsible for reviewing
the compensation and benefits of directors and making a
recommendation to the Board. Directors who are employees of the
Company receive no additional compensation for service on the
Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Director compensation consists of cash and share-based long-term
incentives. The cash portion may be comprised of an annual
retainer, meeting fees and supplemental fees for committee
chairs. The long-term incentives will normally be structured so
as to vest over time because time-based vesting assists in
retaining the continued services of directors and aligning their
actions with long-term shareholder interests.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='135'></A>
</DIV>

<!-- link1 "8.SHARE OWNERSHIP" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>8.</B></TD>
    <TD>
    <B>SHARE OWNERSHIP</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall establish guidelines for Company stock
ownership by directors, executive officers and other managers of
the Company as such guidelines help to more closely align their
economic interests with those of other stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='136'></A>
</DIV>

<!-- link1 "9.ASSESSING THE BOARD&#146;S PERFORMANCE" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>9.</B></TD>
    <TD>
    <B>ASSESSING THE BOARD&#146;S PERFORMANCE</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board and each Board committee will conduct an annual
self-evaluation. The Corporate Governance Committee is
responsible for overseeing these evaluations and reporting their
results to the Board. The purpose of these reviews is to
contribute to a process of continuous improvement in the
execution of the responsibilities of the Board and its
committees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All directors are encouraged to make suggestions on improving
the practices of the Board and its committees at any time and
direct those suggestions to the Chairman or the appropriate
committee chair.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='137'></A>
</DIV>

<!-- link1 "10.BOARD&#146;S INTERACTION WITH STAKEHOLDERS" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>10.</B></TD>
    <TD>
    <B>BOARD&#146;S INTERACTION WITH STAKEHOLDERS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is the function of management to speak for the Company in its
communications with the investment community, the media,
customers, suppliers, employees, governments and the general
public. If comments from the Board are appropriate, they should,
in most circumstances, come from the Chairman. If shareholders
or other stakeholders communicate with the Chairman or other
directors, management will be informed and consulted to
determine the appropriate response.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='138'></A>
</DIV>

<!-- link1 "11.MEETING PROCEDURES" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>11.</B></TD>
    <TD>
    <B>MEETING PROCEDURES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Scheduling of Board meetings and selection of agenda items</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board normally holds five regular Board meetings each year.
The Chairman and the CEO, in consultation with the Corporate
Secretary, develops the agenda for each Board meeting. Directors
are encouraged to suggest items they would like to have
considered for the meeting agenda.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Board materials distributed in advance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information supporting Board meeting agenda items is to be
provided to directors approximately seven days before the
meeting. Such materials should focus attention on the critical
issues to be considered by the Board.
</DIV>

<P align="center" style="font-size: 10pt;">35

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Non-directors at Board meetings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Chairman shall ensure those Company officers and other
members of management who attend Board meetings (1)&nbsp;can
provide insight into the matters being discussed and/or
(2)&nbsp;are individuals with high potential who the directors
should have the opportunity to meet and evaluate. Management
should consult with the Chairman if it proposes that any outside
advisors attend a Board meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Sessions of independent directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Every Board meeting shall be accompanied by an independent
directors&#146; session at which no executive directors or other
members of management are present. The object of the session is
to ensure free and open discussion and communication among the
non-executive, independent directors. The Lead Independent
Director shall chair such meetings and regularly advise the
Chair of the business of such meetings.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='139'></A>
</DIV>

<!-- link1 "12.COMMITTEE MATTERS" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>12.</B></TD>
    <TD>
    <B>COMMITTEE MATTERS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Committee structure</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board, through the Corporate Governance Committee, shall
constitute such committees as it determines necessary and as may
be required by law. Each committee will have its own mandate
which shall set forth the committee&#146;s responsibilities,
structure and procedure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The current committee structure and the performance of each
committee is to be reviewed annually by the Corporate Governance
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Assignment of directors to committees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Governance Committee is responsible for proposing
to the Board the chair and members of each committee on an
annual basis. In preparing its recommendations, the Committee
will consult with the Chairman and the CEO and take into account
the preferences of the individual directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Committee assignments should be based on the director&#146;s
knowledge, interests and areas of expertise. The Board believes
experience and continuity are more important than rotation and
that Directors should only be rotated if doing so is likely to
improve Committee performance or facilitate the work of the
Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Frequency and length of committee meetings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each committee chair will develop that committee&#146;s meeting
agenda through consultation with members of the committee,
management and the Corporate Secretary. The chair of each
committee will determine the schedule of meetings of that
committee based upon an annual work plan designed to discharge
the responsibilities of the committee as set out in its mandate.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='140'></A>
</DIV>

<!-- link1 "13.BOARD RELATIONSHIP TO SENIOR MANAGEMENT" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

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<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>13.</B></TD>
    <TD>
    <B>BOARD RELATIONSHIP TO SENIOR MANAGEMENT</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors have complete access to the Company&#146;s senior
management. Written communications from directors to members of
management will be copied to the Chairman and the CEO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board also encourages directors to make themselves available
for consultation with management outside Board meetings in order
to provide counsel on subjects where such directors have special
knowledge and experience.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='141'></A>
</DIV>

<!-- link1 "14.ACCESS TO RESOURCES AND ENGAGEMENT OF ADVISORS" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>14.</B></TD>
    <TD>
    <B>ACCESS TO RESOURCES AND ENGAGEMENT OF ADVISORS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board and each committee shall have the resources and
authority appropriate to discharge their duties and
responsibilities. This shall include the power to hire outside
advisors without consulting or obtaining the approval of
management in advance. Any individual director who wishes to
engage an outside advisor should review the request with the
Chairman.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='142'></A>
</DIV>

<!-- link1 "15.EVALUATION AND SUCCESSION OF EXECUTIVE OFFICERS" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>15.</B></TD>
    <TD>
    <B>EVALUATION AND SUCCESSION OF EXECUTIVE OFFICERS</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Performance evaluation of the CEO</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board, through the Human Resources Committee, will annually
review the CEO&#146;s performance as measured against mutually
agreed goals and objectives. This review will also be used in
establishing the CEO&#146;s annual compensation.
</DIV>

<P align="center" style="font-size: 10pt;">36

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Performance evaluation and succession planning of executive
officers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board, through the Human Resources Committee, will annually
review the performance and compensation packages of the officers
of the Company who report directly to the CEO and any other
officers whose compensation is required to be publicly disclosed
and will also annually review the succession plan for the CEO
and the executive officers.
</DIV>

<DIV align="left" style="font-size: 10pt;">
<A name='143'></A>
</DIV>

<!-- link1 "16.REVIEW OF CORPORATE GOVERNANCE PRINCIPLES" -->

<DIV style="margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><B>16.</B></TD>
    <TD>
    <B>REVIEW OF CORPORATE GOVERNANCE PRINCIPLES</B></TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 100%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Governance Committee shall review these Corporate
Governance Principles annually and report to the Board any
recommendations it may have for their amendment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 66pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Schedule&nbsp;A to the Methanex Corporate Governance
Principles</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An &#147;independent director&#148; is a person other than an
officer or employee of the Company or its subsidiaries or any
other individual having a relationship which, in the opinion of
the Board of Directors, would interfere with the exercise of
independent judgment in carrying out the responsibilities of a
director, provided however that persons who fall within any of
the categories set out below will be deemed not to be
independent.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    a director who is, or at any time during the past three years
    was, employed by the Company, its parent or any subsidiary of
    the Company;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    a director who accepts or has a &#147;family member&#148; (which
    is defined to include a person&#146;s spouse, parents, children
    and siblings, whether by blood, marriage or adoption, or anyone
    residing in such person&#146;s home) who accepts any payments
    from the Company, its parent or any subsidiary of the Company,
    in excess of US$60,000 during the current fiscal year or any of
    the past three fiscal years, other than compensation for board
    or committee service, payments arising solely from investments
    in the Company&#146;s securities, compensation paid to a family
    member who is a non-executive employee of the Company, its
    parent or a subsidiary of the Company, benefits under a
    tax-qualified retirement plan, or non-discretionary compensation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    a director who is a family member of an individual who is, or
    has been in any of the past three years, employed by the
    Company, its parent or by any subsidiary of the Company as an
    executive officer;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    a director who is, or has a family member who is, a partner in,
    or a controlling shareholder or an executive officer of, any
    organization to which the Company made, or from which the
    Company received, payments (other than those arising solely from
    investments in the Company&#146;s securities and payments under
    non-discretionary charitable contribution matching programs) in
    the current or any of the past three fiscal years that exceed 5%
    of the recipient&#146;s consolidated gross revenues for that
    year, or US$200,000, whichever is more;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    a director who is or has been, or has a family member who is or
    has been, employed as an executive of another entity at any time
    during the past three years where any of the Company&#146;s
    executives serve on the compensation committee of that other
    entity; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    a director who is, or has a family member who is, a current
    partner of the Company&#146;s outside auditor, or was a partner
    or employee of the Company&#146;s outside auditor, and worked on
    the Company&#146;s audit, at any time during the past three
    years.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt;">37

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<DIV align="left" style="font-size: 10pt;">
<A name='127'></A>
</DIV>

<!-- link1 "SCHEDULE B STATEMENT OF CORPORATE GOVERNANCE GUIDELINES" -->

<DIV align="center" style="font-size: 12pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SCHEDULE B</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>STATEMENT OF CORPORATE GOVERNANCE GUIDELINES</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="3" align="center" nowrap><B>TSX Corporate Governance Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Comment</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="3" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    1.&nbsp;&nbsp;&nbsp;The board should explicitly assume
    responsibility for stewardship of the company</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board has explicitly assumed responsibility for the
    stewardship of the Company.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Methanex Corporate Governance Principles attached as
    Schedule&nbsp;A to this Circular, state that it is the
    responsibility of the Board to monitor overall corporate
    performance, adopt a strategic planning process, identify and
    oversee the implementation of systems to manage the principal
    risks of the Company&#146;s business, oversee succession
    planning for executive officers including the appointment and
    performance of the Chief Executive Officer, oversee the
    implementation of a communication policy for the Company and
    evaluate the integrity of the Company&#146;s internal control
    and management systems.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The board should assume responsibility for:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    a.&nbsp;&nbsp;Adoption of a strategic planning process</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board has assumed responsibility for ensuring that the
    Company follows a well-defined annual strategic planning
    process. As part of that process, the Board reviews draft plans,
    approves final plans and conducts periodic progress reviews. The
    process culminates in approval by the Board of a strategic plan
    which analyzes the methanol industry, identifies the values
    which guide the Company and sets out the Company&#146;s
    competitive positioning, strategic initiatives and
    major&nbsp;risks.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    b.&nbsp;Identification of principal risks and the implementation
    of appropriate risk- management systems</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board, both directly and through the Audit, Finance and Risk
    Committee and the Responsible Care Committee, has assumed
    responsibility for identification of the principal risks of the
    Company&#146;s business and for overseeing the implementation of
    appropriate systems for managing these risks. In its
    deliberations, the Board discusses the principal risks facing
    the Company. The Audit, Finance and Risk Committee reviews the
    actions of management concerning risks relating to operations
    such as currency, insurance and shipping risks, and reviews and
    approves actions relating to the Company&#146;s insurance
    program and currency hedging. The Responsible Care Committee
    reviews risks relating to the environment, occupational health
    and safety and the Company&#146;s operations as they relate to
    compliance with Responsible Care. See&nbsp;pages&nbsp;14 and 15
    for more information about the activities of both of these
    committees.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    c.&nbsp;&nbsp;Succession planning, including appointing,
    training and monitoring senior management</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Human Resources Committee conducts annual succession
    planning reviews relating to the Chief Executive Officer and the
    Company&#146;s other senior managers and reports to the Board.
    At that review, the Committee reviews each of the Company&#146;s
    senior managers and discusses their potential succession
    candidates and other succession issues and actions within each
    of their spheres of responsibility. The Committee also ensures
    that there is a strong human resource strategy in place which
    includes processes to develop leadership through training and
    other performance management initiatives. See page&nbsp;15 for
    more information about the activities of this Committee.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">38
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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>TSX Corporate Governance Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Comment</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    d.&nbsp;Communications policy</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Company has a written communications policy governing the
    content and method of disclosing corporate information to
    shareholders, the public and others. This policy is reviewed
    annually by the Board. Through the policy, the Company commits
    itself to disclosing to the public material information about
    the Company that is full, fair, timely, accurate and in plain
    English. All public financial and certain other disclosure
    information is reviewed and approved by the Audit, Finance and
    Risk Committee and, where appropriate, by the Corporate
    Governance Committee, Human Resources Committee or the full
    Board.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Company communicates with its shareholders and others
    through a variety of channels, including its annual report,
    quarterly reports, annual information form, news releases, web
    site and at industry conferences. The Chief Executive Officer
    and other senior officers meet periodically with financial
    analysts and institutional investors. The Company&#146;s
    investor relations and public affairs departments also provide
    information about the Company to shareholders and the public and
    respond to their inquiries.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    e.&nbsp;&nbsp;Integrity of internal control and management
    information systems</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Audit, Finance and Risk Committee reviews and reports to the
    Board on the Company&#146;s internal control procedures, reviews
    with the auditors the Company&#146;s internal controls,
    procedures and accounting practices and reviews the
    Company&#146;s programs and policies regarding the adequacy and
    effectiveness of internal controls over the Company&#146;s
    accounting and financial reporting systems.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Audit, Finance and Risk Committee conducts regular reviews
    with both management and the Company&#146;s internal and
    external auditors regarding the adequacy and effectiveness of
    the Company&#146;s internal controls procedures and reports to
    the Board.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    2.&nbsp;&nbsp;&nbsp;Majority of directors should be
    &#147;unrelated&#148; (meaning independent of management and
    free from any interest and any business or other relationship,
    which could, or could reasonably be perceived to, materially
    interfere with the director&#146;s ability to act with a view to
    the best interests of the company, other than interests and
    relationships arising from shareholding)</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Ten directors are standing for election in 2005. The Board has
    determined that eight of the ten directors standing for election
    in 2005 are &#147;unrelated&#148; directors within the meaning
    of the TSX Guidelines and &#147;independent&#148; using the
    criteria of the Canadian Securities Administrators (CSA) in
    Multilateral Instrument 52-110&nbsp;&#151; Audit Committees and
    the Nasdaq Rules.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    3.&nbsp;&nbsp;&nbsp;Disclose whether each director is
    &#147;unrelated&#148;</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Mr.&nbsp;Aitken and Mr.&nbsp;Choquette are the only
    &#147;related&#148; directors within the meaning of the TSX
    Guidelines and are not &#147;independent&#148; using the
    criteria contained in Multilateral Instrument&nbsp;52-110 and
    the Nasdaq Rules. Mr.&nbsp;Aitken is the President and Chief
    Executive Officer of the Company. Mr.&nbsp;Choquette is the
    Company&#146;s Chairman of the Board. He held the position of
    President and Chief Executive Officer from October 1994 to
    September 2003 and then Chairman of the Board and Chief
    Executive Officer to May 2004.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">39
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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>TSX Corporate Governance Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Comment</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    4.&nbsp;&nbsp;&nbsp;Appoint a committee of directors responsible
    for proposing new directors and for assessment of directors,
    composed exclusively of non-management directors, a majority of
    whom are also unrelated directors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Corporate Governance Committee, all of whose members are
    non-management and unrelated directors, recommends suitable
    candidates for the Board and ensures that qualifications for the
    Board have been maintained.<BR>
    <BR>
    The Committee establishes the criteria for the selection of new
    directors and identifies and recommends suitable candidates
    taking into account all factors it considers appropriate,
    including the overall composition of the Board and desirable
    individual characteristics. The Committee is also responsible
    for overseeing an annual director evaluation process.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    5.&nbsp;&nbsp;&nbsp;Implement a process for assessing the
    effectiveness of the board, its committees and individual
    directors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Corporate Governance Committee oversees a comprehensive
    assessment process which allows each director to annually
    evaluate their own performance as well as the performance of the
    Board, its Committees, and the Chairman of the Board. In
    addition, each committee conducts an annual self-assessment.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The results of these evaluations are reported to the Board. The
    Chairman of the Board annually reviews the performance of each
    director on a one-on-one basis after monitoring the
    effectiveness of each director throughout the year and
    considering the results of the self-assessment which each
    director completes.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    6.&nbsp;&nbsp;&nbsp;Provide orientation and education programs
    for new directors</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Each new director is provided with a written orientation package
    relating to the Company as well as information on the
    responsibilities and liabilities of directors. In addition,
    Board members periodically visit plant locations. The Company
    has also made available to the directors educational programming
    addressing topics of interest to directors.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    7.&nbsp;&nbsp;&nbsp;Examine board size and undertake, where
    appropriate, a program to reduce the number of directors to a
    number which facilitates more effective decision-making</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    At the Annual General Meeting on May&nbsp;5, 2005,
    ten&nbsp;directors will stand for election. The Corporate
    Governance Committee annually reviews the size of the Board and
    makes a recommendation to the Board.<BR>
    <BR>
    The Board is of the view that its current membership has the
    necessary skills and experience and is generally of a size to
    provide for effective decision-making, the staffing of Board
    committees and dealing with succession requirements.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    8.&nbsp;&nbsp;&nbsp;Review adequacy and form of compensation of
    directors in light of risks and responsibilities</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Corporate Governance Committee annually reviews and
    recommends to the Board the remuneration of directors of the
    Company in light of the risks and responsibilities assumed and
    external findings concerning competitiveness with comparator
    companies. In November 2004, the Board determined that the
    existing director compensation retainer, fee structure and
    amounts are adequate but did increase directors&#146; share
    ownership guideline to two times the combined annual retainer
    and value of their annual long-term incentive plan award. The
    Board has also established, commencing in 2005, a &#147;flat
    fee&#148; annual retainer in respect of the Chairman of the
    Board. Details of directors&#146; compensation are disclosed on
    page&nbsp;17 and the number of Common Shares, Deferred Share
    Units and Restricted Share Units held by each director is
    disclosed commencing on page&nbsp;5.</TD>
</TR>

</TABLE>
</CENTER>

<P align="center" style="font-size: 10pt;">40
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<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>


<TR style="font-size: 8pt;">
    <TD colspan="2" align="center" nowrap><B>TSX Corporate Governance Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Comment</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD colspan="2" align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    9.&nbsp;&nbsp;&nbsp;Committees should generally be composed of
    non-management directors, a majority of whom should be unrelated</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board has five committees. All of the committees of the
    Board are composed entirely of non-management and unrelated
    directors.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The report of each committee, including the names of the chair
    and members, how often each committee met and overall attendance
    rate during 2004 is disclosed commencing on page&nbsp;14. A
    summary of each director&#146;s attendance record at committee
    meetings during 2004 is disclosed on page&nbsp;11.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    10.&nbsp;The board should expressly assume responsibility for,
    or assign a committee responsibility for developing the
    company&#146;s approach to corporate governance issues including
    being responsible for the Company&#146;s response to these TSX
    Guidelines</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Corporate Governance Committee has been assigned
    responsibility for recommending to the Board a set of corporate
    governance principles for the Company. The Board adopted a set
    of Corporate Governance Principles in 2003 and they are attached
    as Schedule&nbsp;A to this Circular. The Principles are reviewed
    annually. The Committee also keeps abreast of corporate
    governance developments and makes recommendations to the Board
    in light of such developments as may be appropriate. The
    Committee is also responsible for reviewing the Company&#146;s
    response to the TSX Guidelines and recommending it to the Board
    for consideration and approval.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    11.&nbsp;Develop position descriptions for:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    a.&nbsp;&nbsp;The board</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Company&#146;s Corporate Governance Principles contains a
    Board mandate. The Principles state that the business of the
    Company is conducted under the stewardship and supervision of
    the Board and that the Board oversees and provides policy
    guidance on the business and affairs of the Company. The
    Principles also set out the more significant responsibilities of
    the Board: monitoring overall corporate performance, adopting a
    strategic planning process, identifying and overseeing the
    implementation of systems to manage the principal risks of the
    Company&#146;s business, overseeing succession planning for
    executive officers, overseeing the implementation of a
    communication policy for the Company and evaluating the
    integrity of the Company&#146;s internal control and management
    systems.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2"><FONT style="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Corporate Governance Principles also set out the
    responsibilities of each director. The Board has also
    established written Terms of Reference for the Chairs of each of
    the committees.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    b.&nbsp;The chief executive officer. The board should also
    approve or develop the corporate objectives which the CEO is
    responsible for meeting</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Human Resources Committee annually reviews the corporate and
    personal performance objectives which the Chief Executive
    Officer is responsible for meeting and these objectives are then
    approved by the Board. See Page&nbsp;25 for more complete
    information on these performance objectives.</TD>
</TR>

</TABLE>
</CENTER>

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<TR style="font-size: 8pt;">
    <TD align="center" nowrap><B>TSX Corporate Governance Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap><B>Comment</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap style="border-top: 1pt solid #000000;">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    12.&nbsp;Establish structures and procedures to enable the board
    to function independently of management</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board has established the following procedures to enable the
    Board to function independently of management:</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Company&#146;s Corporate Governance
    Principles delineate the Board&#146;s responsibilities from
    those of management.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has named a Lead Independent
    Director and has established written Terms of Reference for the
    position.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The independent directors, meet
    regularly after each Board meeting in sessions chaired by the
    Lead Independent Director.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Board has established Terms of
    Reference for the Chairman of the Board making him responsible
    for ensuring that governance structures exist to permit the
    Board to function independently of management.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    &#149;&nbsp;&nbsp;&nbsp;The Corporate Governance Committee is
    responsible for monitoring the relationship between the Board
    and management.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    Prior to May 2004, Mr.&nbsp;Choquette was both the Chairman of
    the Board and Chief Executive Officer of the Company.
    Mr.&nbsp;Choquette retired as Chief Executive Officer in May
    2004 and now acts as non-executive Chairman of the Board.
    Mr.&nbsp;Choquette is not an independent director according to
    the definition contained in Multilateral Instrument&nbsp;52-110
    and the Nasdaq Rules.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    13.&nbsp;Establish an audit committee with a specifically
    defined mandate, with all members being non-management
    directors. The role of the committee should be defined. The
    committee should have direct communication channels with the
    internal experience of its members and other Committee
    information may be found in the and external auditors. The
    committee should have responsibility for management reporting on
    internal control. While it is management&#146;s responsibility
    to design and implement an effective system of internal control,
    it is the responsibility of the committee to ensure that
    management has done so</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Board has established an Audit, Finance and Risk Committee
    with a written mandate that is summarized on page&nbsp;14. The
    Committee is comprised exclusively of non-management and
    unrelated directors and meets at least annually with the
    external auditors without management present. All Committee
    members are independent as defined in Multilateral
    Instrument&nbsp;52-110 and the Nasdaq Rules.<BR>
    <BR>
    The mandate of the Committee is clear that the external auditors
    report directly to the Committee, that the Committee has the
    authority to communicate directly with the external and internal
    auditors and that it is the Committee&#146;s responsibility to
    review the Company&#146;s internal control procedures.<BR>
    <BR>
    The complete mandate of this Committee together with the
    relevant education and experience of its member is found in the
    &#147;Audit Committee Information&#148; section of the
    Company&#146;s Annual Information Form dated March&nbsp;21, 2005.</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    14.&nbsp;Implement a system to enable individual directors to
    engage outside advisers, at the company&#146;s expense</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    The Company&#146;s Corporate Governance Principles establish a
    process by which the Board, a Committee or an individual
    director may engage outside advisers at the expense of the
    Company.</TD>
</TR>

</TABLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">

</DIV>

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

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    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Beneficial Owner</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <IMG src="o15575o1557524.gif" alt="(METHANEX LOGO)"></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>REQUEST FOR ANNUAL AND INTERIM FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AND MD&#38;A</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
National Instrument&nbsp;51-102 Continuous Disclosure
Obligations (&#147;NI&nbsp;51-102&#148;) requires that Methanex
Corporation (the &#147;Company&#148;) send annually a request
form to registered holders and beneficial owners of its
securities, other than debt instruments, that the registered
holders and beneficial owners may use to request a copy of the
Company&#146;s annual financial statements and Management&#146;s
Discussion &#38; Analysis form (&#147;MD&#38;A&#148;) for the
annual financial statements and the interim financial statements
and MD&#38;A for the interim financial statements, or both.
Under NI&nbsp;51-102 the Company is only required to deliver
financial statements and MD&#38;A to a person or company that
requests them. If you wish to receive the Company&#146;s annual
financial statements and annual MD&#38;A or interim financial
statements and interim MD&#38;A, you should either
1)&nbsp;submit your request online at <U>www.cibcmellon.com/
FinancialStatements</U> (entering Code Number 5532A); or
2)&nbsp;complete the Beneficial Holder Return Form (the
&#147;Return Form&#148;) on the reverse. Please forward the
completed Return Form to the Company&#146;s registrar and
transfer agent at the following address:
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CIBC Mellon Trust&nbsp;Company</B>
</DIV>

<DIV align="center" style="font-size: 9pt;">
<B>Suite&nbsp;1600, 1066 West Hastings Street</B>
</DIV>

<DIV align="center" style="font-size: 9pt;">
<B>Vancouver, BC V6E 3X1</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The applicable financial statements and MD&#38;A will be sent,
without charge, to the person that made the request. If any
beneficial owner does not so request such documents, such owner
may not be sent these documents. The Company reserves the right,
in its discretion, to send annual financial statements and
MD&#38;A, or any interim financial statements and MD&#38;A, to
all beneficial owners who are identified under NI&nbsp;54-101 as
having chosen to receive securityholder materials sent to
beneficial owners of securities, notwithstanding elections such
beneficial owners may make under the Request Form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The requirements under NI&nbsp;51-102 regarding delivery of
financial statements and MD&#38;A are in addition to and
separate from the procedures regarding delivery of materials
pursuant to National Instrument&nbsp;54-101 Communication with
Beneficial Owners of Securities of a Reporting Issuer
(&#147;NI&nbsp;54-101&#148;). However, failure to return the
Return Form or otherwise specifically request a copy of
financial statements or MD&#38;A will override a beneficial
owner&#146;s standing instructions under NI&nbsp;54-101 in
respect of such financial statements and MD&#38;A.
NI&nbsp;51-102 requires that this request form must be sent to
beneficial owners of securities who are identified under
NI&nbsp;54-101 as having chosen to receive all securityholder
materials sent to beneficial owners. As a result, beneficial
owners that have been instructed their intermediary to not
forward annual meeting materials distributed by the Company may
not receive this election form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Please note that only <U>beneficial owners</U> of the
Company&#146;s securities should return the Return Form or
submit an online request. If you are a registered holder of the
Company&#146;s securities you should review the separate Request
for Annual and Interim Financial Statements and MD&#38;A which
is applicable to registered holders and complete the Return Form
on the reverse. (For the purposes hereof &#147;registered
holders&#148; refers to persons with securities registered in
their name (and, in the case of securities which are registered
in the name of a &#147;depository,&#148; as defined in
NI&nbsp;54-101, includes a person that is a &#147;participant in
a depository,&#148; as defined in that Instrument) and
&#147;beneficial owner&#148; refers to a person or company that
beneficially owns securities that are not registered in his or
her name, which are held by an &#147;intermediary,&#148; as
defined in NI&nbsp;54-101, (such as a broker or trust company),
that is the person or company that is identified as providing
instructions contained in a client response form provided
pursuant to NI&nbsp;54-101 or, if no instructions are provided,
the person or company that has the authority to provide those
instructions).
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
If you are a beneficial owner, you may wish to provide a copy of
the Return Form to the intermediary through which your
securities are held, or, if you wish, make arrangements for such
intermediary to return the Return Form on your behalf. The
Company is only required to deliver financial statements and
MD&#38;A to the person or company that requests them. As a
result, if a beneficial owner requests financial statements and
MD&#38;A through an intermediary, the Company is only required
to deliver the requested documents to the intermediary. Further,
if you are returning the Return Form directly you should provide
your intermediary with a copy of the form so that the
intermediary is aware of your request. In addition, if prior to
receiving an annual request form next year, you hold any
securities of the Company through a different intermediary, you
may wish to inform that intermediary of your instructions
pursuant to the Return Form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Please note that a request form will be mailed each year. The
request to receive financial statements and MD&#38;A pursuant to
the Return Form shall be considered applicable to the
Company&#146;s annual financial statements and MD&#38;A for the
fiscal year ending December&nbsp;31, 2005 and all interim
financial statements and MD&#38;A which the Company may send to
securityholders after the sending of this request form and prior
to the Company sending a request form in a subsequent year.
Beneficial owners that wish to receive either Annual Financial
Statements and MD&#38;A or Interim Financial Statements and
MD&#38;A must return the Return Form or otherwise specifically
request a copy of the financial statements and MD&#38;A each
year to receive such documents thereafter. If you wish to
receive copies of financial statements or MD&#38;A for any
earlier period, you should send a separate request specifying
the requested financial statements and MD&#38;A. The Company is
not required to send copies of the financial statements and
MD&#38;A that was filed more than two years before it receives
such request. A copy of the Company&#146;s financial statements
and MD&#38;A may be accessed under the Company&#146;s profile at
<U>www.sedar.com</U>.
</DIV>
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<DIV align="right" style="font-size: 10pt;">
<IMG src="o15575o1557524.gif" alt="(METHANEX LOGO)">
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(BENEFICIAL OWNERS SHOULD COMPLETE AND RETURN THIS FORM)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>BENEFICIAL OWNER RETURN FORM</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned:
</DIV>

<CENTER>
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<TR style="font-size: 1pt;">
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    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (a)&nbsp;&nbsp;&nbsp;hereby requests that the undersigned <B>be
    sent a copy of the Annual Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>and MD&#38;A for such statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [check this box if you <B>wish to elect to RECEIVE the Annual
    Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>and MD&#38;A relating to such statements</B>]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (b)&nbsp;&nbsp;&nbsp;hereby requests that the undersigned <B>be
    sent a copy of the Interim Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(2)
    </SUP>and MD&#38;A for such statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [check this box if <B>you wish to elect to RECEIVE the Interim
    Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(2)
    </SUP>and MD&#38;A relating to such statements</B>]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned certifies that the undersigned is a beneficial
owner of securities of the Company (other than debt
instruments). The undersigned acknowledges that this request
shall expire and cease to have effect if the undersigned ceases
to be either a registered holder or beneficial owner of
securities of the Company.
</DIV>

<CENTER>
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<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Name<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Address<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Signature<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B>Date:</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <B>Name &#38; title of person signing if different from name
    above:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <B>Name and address of intermediary through which securities are
    held (if
    applicable)<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP>:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We encourage you to submit your request online at
<U>www.cibcmellon.com/ FinancialStatements</U>. Our Company Code
Number is 5532A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
NOTE: Do not return this card by mail if you have submitted your
request online.
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    For the fiscal year ending December&nbsp;31, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Refers to Interim Financial Statements and MD&#38;A issued after
    the sending of this form and before the sending of the form in
    2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Please print clearly.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Insert the address, including postal or zip code to which you
    wish the financial statements and MD&#38;A to be sent. If you
    wish the documents to be sent to an intermediary through which
    you hold the securities, provide the name and address of the
    intermediary.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    If beneficial owner is not an individual, signature of an
    authorized signatory.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    If securities are held through an intermediary, but you wish the
    financial statements and MD&#38;A to be sent to you, provide
    this information so that the Company can coordinate with the
    intermediary, if necessary. If you are an objecting beneficial
    owner, or &#147;OBO,&#148; as defined in NI&nbsp;54-101, and you
    wish the financial statements and MD&#38;A to be sent to you
    through the intermediary that holds securities on your behalf,
    you should arrange for the intermediary to arrange to request
    the documents on your behalf.</TD>
</TR>

</TABLE>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">

</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; ">

<TR style="font-size: 1pt;">
    <TD width="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Registered Holder</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">
    <IMG src="o15575o1557524.gif" alt="(METHANEX LOGO)"></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>REQUEST FOR ANNUAL AND INTERIM FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AND MD&#38;A</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
National Instrument&nbsp;51-102 Continuous Disclosure
Obligations (&#147;NI&nbsp;51-102&#148;) requires that Methanex
Corporation (the &#147;Company&#148;) send annually a request
form to registered holders and beneficial owners of its
securities, other than debt instruments, that the registered
holders and beneficial owners may use to request a copy of the
Company&#146;s annual financial statements and Management&#146;s
Discussion &#38; Analysis form (&#147;MD&#38;A&#148;) for the
annual financial statements and the interim financial statements
and MD&#38;A for the interim financial statements, or both.
Under NI&nbsp;51-102 the Company is only required to deliver
financial statements and MD&#38;A to a person or company that
requests them. If you wish to receive the Company&#146;s interim
financial statements and interim MD&#38;A, you should either
1)&nbsp;submit your request online at <U>www.cibcmellon.com/
FinancialStatements</U> (entering Code Number 5532); or
2)&nbsp;complete the Registered Holder Return Form (the
&#147;Return Form&#148;) on the reverse and forward the
completed Return Form to the Company&#146;s registrar and
transfer agent at the following address:
</DIV>

<DIV align="center" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>CIBC Mellon Trust&nbsp;Company</B>
</DIV>

<DIV align="center" style="font-size: 9pt;">
<B>Suite&nbsp;1600, 1066 West Hastings Street</B>
</DIV>

<DIV align="center" style="font-size: 9pt;">
<B>Vancouver, BC V6E 3X1</B>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the requirements of NI&nbsp;51-102, pursuant to
the requirements of the <I>Canada Business Corporations Act</I>
(the &#147;CBCA&#148;), the Company must send a copy of its
annual financial statements to each registered shareholder,
except to a shareholder who has informed the Company in writing
that he or she does not want a copy of such statements. If you
are a registered shareholder and <B>do NOT want to receive a
copy of the Company&#146;s annual financial statements and
annual MD&#38;A</B> (collectively, the &#147;Annual Financial
Statements and MD&#38;A&#148;), you should complete the box in
paragraph (a)&nbsp;on the Return Form. Registered holders that
do not complete that box will continue to be sent the annual
financial statements as required pursuant to the CBCA, as well
as the annual MD&#38;A.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Whether or not you are electing in paragraph (a)&nbsp;of the
Return Form not to receive a copy of the Annual Financial
Statements&nbsp;&#38; MD&#38;A, if you wish to receive the
Company&#146;s interim financial statements and interim MD&#38;A
(collectively, the &#147;Interim Financial Statements and
MD&#38;A&#148;) you should complete paragraph (c)&nbsp;of the
Return Form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The applicable financial statements and MD&#38;A will be sent,
without charge, to the person that made the request. If any
registered holder does not so request such documents, such
holder may not be sent these documents. The Company reserves the
right, in its discretion, to send annual financial statements
and MD&#38;A to all registered holders, notwithstanding
elections which such holders may make under the Request Form.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Please note that only <U>registered holders</U> of the
Company&#146;s securities should return the Return Form or
submit an online request. If you are a beneficial owner of the
Company&#146;s securities but not a registered holder, you
should review the separate Request for Annual and Interim
Financial Statements and MD&#38;A which is applicable to
beneficial owners and complete the Return Form on the reverse.
(For the purposes of paragraphs (b)&nbsp;and (c)&nbsp;on the
Return Form &#147;registered holders&#148; refers to persons
with securities registered in their name (and, in the case of
securities which are registered in the name of a
&#147;depository,&#148; as defined in NI 54-101, includes a
person that is a &#147;participant in a depository,&#148; as
defined in that Instrument).
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
Please note that a request form will be mailed each year.
Registered holders that have informed the Company pursuant to
paragraph (a)&nbsp;on the Return Form that they do not want to
receive a copy of the Company&#146;s Annual Financial Statements
and MD&#38;A who subsequently change their mind should
specifically request to receive such statements and MD&#38;A.
Such a request received at any time will be considered to
override any prior advice that such holder does not wish to
receive such statements. The request to receive financial
statements and MD&#38;A pursuant to paragraphs (b)&nbsp;or
(c)&nbsp;on the Return Form shall be considered applicable to
the Company&#146;s annual financial statements and MD&#38;A for
the fiscal year ending December&nbsp;31, 2005 and all interim
financial statements and MD&#38;A which the Company may send to
securityholders after the sending of this request form and prior
to the Company sending a request form in a subsequent year.
Registered holders that wish to receive Interim Financial
Statements and MD&#38;A must return the Return Form or otherwise
specifically request a copy of the financial statements or
MD&#38;A each year to receive such documents thereafter. If you
wish to receive copies of financial statements or MD&#38;A for
any earlier period, you should send a separate request
specifying the requested financial statements and MD&#38;A. The
Company is not required to send copies of any financial
statements and MD&#38;A that was filed more than two years
before it receives such request. A copy of the Company&#146;s
financial statements and MD&#38;A may be accessed under the
Company&#146;s profile at <U>www.sedar.com</U>.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right" style="font-size: 10pt;">
<IMG src="o15575o1557524.gif" alt="(METHANEX LOGO)">
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>(REGISTERED HOLDERS SHOULD COMPLETE AND RETURN THIS FORM)</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>REGISTERED HOLDER RETURN FORM</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (a)&nbsp;&nbsp;&nbsp;hereby informs the Company that the
    undersigned <B>does not want a copy of the Annual Financial
    Statements
    <SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>&#38; MD&#38;A for such statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [only check this box if you <B>wish to elect NOT to receive the
    Annual Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>and MD&#38;A relating to such statements</B>]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (b)&nbsp;&nbsp;&nbsp;hereby requests that the undersigned <B>be
    sent a copy of the Annual Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>and MD&#38;A for such statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [check this box if <B>you wish to elect to RECEIVE the Annual
    Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(1)
    </SUP>and MD&#38;A relating to such
    statements<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></B>]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    (c)&nbsp;&nbsp;&nbsp;hereby requests that the undersigned <B>be
    sent a copy of the Interim Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(3)
    </SUP>and MD&#38;A for such statements</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    [check this box if <B>you wish to elect to RECEIVE the Interim
    Financial
    Statements<SUP style="font-size: 85%; vertical-align: text-top">(3)
    </SUP>and MD&#38;A relating to such statements</B>]</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The undersigned certifies that the undersigned is a registered
holder of securities of the Company (other than debt
instruments). The undersigned acknowledges that this request
shall expire and cease to have effect if the undersigned ceases
to be either a registered holder or beneficial owner of
securities of the Company.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Name<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Address<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B>Signature<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP>:</B></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <B>Date:</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <B>Name &#38; title of person signing if different from name
    above:</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
We encourage you to submit your request online at
<U>www.cibcmellon.com/ FinancialStatements</U>. Our Company Code
Number is 5532.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
NOTE: Do not return this card by mail if you have submitted your
request online.
</DIV>

<DIV align="left" style="font-size: 3pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<DIV style="width: 18%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(1)</TD>
    <TD align="left">
    For the fiscal year ending December&nbsp;31, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)</TD>
    <TD align="left">
    Registered holders will continue to be sent Annual Financial
    Statements and MD&#38;A whether or not this paragraph is
    completed unless the holder has informed the Company in writing
    that he or she does not want a copy of such statements.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)</TD>
    <TD align="left">
    Refers to interim financial statements and MD&#38;A issued after
    the sending of this form and before the sending of the form in
    2006.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(4)</TD>
    <TD align="left">
    Please print clearly.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(5)</TD>
    <TD align="left">
    Insert the address, including postal or zip code to which you
    wish the financial statements and MD&#38;A to be sent.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(6)</TD>
    <TD align="left">
    If registered holder is not an individual, signature of an
    authorized signatory.</TD>
</TR>

</TABLE>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>SEE REVERSE FOR IMPORTANT INFORMATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>RELATING TO VOTING ESPP SHARES</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>VOTING INSTRUCTIONS</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>TO</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>M.R.S. TRUST COMPANY</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>ANNUAL GENERAL MEETING OF SHAREHOLDERS OF</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>TO BE HELD ON MAY 5, 2005</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>AND AT ANY ADJOURNMENT OR ADJOURNMENTS THEREOF</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
a participant in the Methanex Corporation Share Purchase Plan
for Employees (hereinafter referred to as the &#147;Plan&#148;),
hereby instruct M.R.S. Trust Company, as Trustee of the Plan, to
exercise at the above meeting, or give or grant a proxy to any
person which M.R.S. Trust Company may select, to exercise, with
full power of substitution, the voting rights pertaining to all
the Common Shares of the Company held to my credit as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Indicate your voting choice with a check mark
(<FONT face="wingdings">&#252;</FONT>) in the appropriate box.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    To elect the following persons as directors of the Company to
    hold office until the sooner of the next annual general meeting
    of the Company or their ceasing to hold office:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>VOTE</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>WITHHOLD</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>VOTE</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce Aitken</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Howard Balloch</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pierre Choquette</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Findlay</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brian Gregson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A. Terence Poole</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Reid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Monica Sloan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Graham Sweeney</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Anne Wexler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    To re-appoint KPMG LLP, Chartered Accountants, as auditors of
    the Company for the ensuing year:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    VOTE
    FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
    </FONT></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    WITHHOLD
    VOTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    To vote FOR <FONT face="wingdings">&#111;</FONT> or AGAINST
    <FONT face="wingdings">&#111;</FONT> authorizing the directors
    to fix the remuneration of the auditors.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to any amendments or variations to the matters
listed above or identified in the Notice of Annual General
Meeting of Shareholders and any other matters which may properly
come before the Meeting, the undersigned confers discretionary
authority on the person voting on behalf of the undersigned to
vote in accordance with the best judgment of that person.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 18pt; ">

<TR style="font-size: 1pt;">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Date:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">
    , 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" style="border-top: 1pt solid #000000;">&nbsp;</TD>

</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    Signature of Holder</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
INSTRUCTIONS:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    Record your instructions, sign and mail to GRS Securities Inc.
    in the attached envelope. Alternately, your instructions may be
    faxed using the following numbers:</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If faxing from North
America: 1-800-567-3351
</DIV>

<DIV align="left" style="font-size: 10pt;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If faxing from outside
North America: 519-850-4157
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    If you do not wish to specifically instruct the Trustee how to
    vote or refrain from voting as the case may be, you should not
    check any of the above squares. <B>If no specific voting choice
    has been given for an item, the Trustee or its proxy will vote
    the shares represented by this Voting Instruction FOR that
    item.</B></TD>
</TR>

</TABLE>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>IMPORTANT INFORMATION FOR PARTICIPANTS IN THE</B>
</DIV>

<DIV align="center" style="font-size: 10pt;">
<B>METHANEX CORPORATION SHARE PURCHASE PLAN FOR EMPLOYEES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Common shares purchased by an employee of the Company under the
Methanex Corporation Share Purchase Plan for Employees
(&#147;ESPP&#148;) remain registered in the name of M.R.S. Trust
Company as Trustee of the ESPP, unless the employee withdraws
their shares from the ESPP. Once withdrawn, the shares may
either become registered in the name of the employee or an
intermediary. (For more information, see Part&nbsp;I&nbsp;&#151;
&#147;VOTING&#148; contained in the Information Circular.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Voting rights attached to ESPP shares which remain registered in
the name of M.R.S. Trust Company may be exercised by employees
or their attorneys authorized in writing, by indicating on the
Voting Instructions form (on reverse) the necessary directions
to GRS Securities on behalf of the Trustee how the ESPP shares
are to be voted at the Meeting and returning the Voting
Instructions form in the pre-paid envelope or by fax to GRS
Securities Inc. at the fax number indicated below. The ESPP
shares will then be voted pursuant to those directions. If no
choice is specified for an item, the ESPP shares will be voted
in favour of management&#146;s propositions. The shares will be
voted at the discretion of M.R.S. Trust Company or its proxy in
respect of amendments to management&#146;s propositions or such
other business as may be properly brought before the Meeting.
Only ESPP shares in respect of which a Voting Instructions form
has been signed and returned will be voted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As your vote is important, your Voting Instruction Form should
be received at least three business days prior to the deadline
for deposit of proxies stated in the Information Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A holder of ESPP shares may revoke his or her directions
indicated on the Voting Instructions form at any time by a
written document executed by the employee or his or her attorney
duly authorized in writing which is delivered by mail or fax to
GRS Securities Inc. (fax numbers set out below) at any time up
to and including the last business day preceding the day of the
Meeting or any adjournment thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Voting Instructions form is to be used only with respect to
ESPP shares. If an employee holds shares outside the ESPP, the
employee may vote those shares either in person or by proxy as
described in Part&nbsp;I&nbsp;&#151; &#147;VOTING&#148; of the
Information Circular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Questions?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have any questions concerning the process of voting ESPP
shares, you may speak to a GRS Securities Inc. Customer Service
Representative, 8:00&nbsp;a.m. to 8:00&nbsp;p.m.&nbsp;EST on
weekdays:
</DIV>

<DIV style="margin-top: 9pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If calling from North America: 1-800-668-2648</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If calling from outside North America: 800-668-26480</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Callers from Chile, please call collect: 519-432-5281,
    8:00&nbsp;a.m. to 8:00&nbsp;p.m. EST on weekdays</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>Faxing of Voting Instructions</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    Voting Instructions may be faxed to GRS Securities&nbsp;Inc.
    (Attention: Monitoring Officer&nbsp;&#151; FST1) using the
    following numbers:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If faxing from North America: 1-800-567-3351</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    If faxing from outside North America: 519-850-4157</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 9pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="56%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>REQUEST FOR VOTING INSTRUCTIONS</B></TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="56%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD align="left">
    To our securityholders:</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    We are sending to you the enclosed proxy-related materials that
    relate to our Annual General Meeting of Shareholders to be held
    on May&nbsp;5, 2005. Your name and address and information about
    your holdings of securities have been obtained in accordance
    with applicable securities regulatory requirements from the
    intermediary holding on your behalf (which is identified by
    name, code or identifier in the information on the right).</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    The Voting Instructions&nbsp;Form (&#147;VIF&#148;) (on the
    reverse) is to enable your vote to be submitted on the stated
    issues or proposals. Please complete, sign, date and return the
    form as instructed below.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    Should you wish to attend the meeting and vote in person, or
    appoint another person to attend and vote on your behalf, please
    complete Box&nbsp;A inserting your name or the name of the
    person you wish to appoint in the space provided on the VIF and
    we will arrange for the deposit of a legal proxy entitling you
    or your appointee to attend the meeting and vote. Alternatively,
    you may request a form of legal proxy be sent to you as
    described below.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    <B>We are prohibited from voting these securities on any of the
    matters to be acted upon at the meeting without your specific
    voting instructions.</B> In order for these securities to be
    voted at the meeting, <B>it will be necessary for us to have
    your specific voting instructions</B>. If you cannot attend the
    meeting and you do not wish to appoint a person to attend on
    your behalf but you do wish to vote your shares, please complete
    and promptly return the information requested in Box&nbsp;B on
    the VIF to provide your voting instructions to us.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    The completed VIF should be delivered to our transfer agent,
    CIBC Mellon Trust&nbsp;Company, in the envelope provided or by
    fax to (416)&nbsp;368-2502.</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="left">
    Should you wish to be sent a legal proxy entitling you to attend
    the meeting and vote in person, please write your name in the
    place provided for that purpose in Box&nbsp;A on the VIF and
    tick the box on the VIF requesting delivery of a legal proxy.</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you require assistance, please contact our transfer agent,
CIBC Mellon Trust&nbsp;Company, who can be contacted as
indicated on the VIF.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
The matters to be voted on at the meeting are set out on the VIF.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
By providing voting instructions as requested, you are
acknowledging that you are the beneficial owner of, and are
entitled to instruct us with respect to the voting of, these
securities.
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>NOTE:</B>
</DIV>

<DIV style="margin-top: 3pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1.</TD>
    <TD align="left">
    If you wish to have a legal proxy sent to you, please be advised
    that a legal proxy will be subject to all of the requirements
    described in the accompanying Information Circular, including
    requirements for deposit prior to specified deadlines. You will
    be responsible for arranging such deposit. Failure to comply
    with these requirements may make it impossible for you or your
    nominee to attend and vote at the meeting.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2.</TD>
    <TD align="left">
    Instead of requesting delivery of a legal proxy, if you wish to
    attend the meeting and vote in person or appoint another person
    to do so, you may simply print the name of the person attending
    the meeting in the space provided for this purpose on the VIF.
    Provided these instructions are received prior to the deadline,
    we will submit a legal proxy permitting your appointee to attend
    and vote. When you or your delegate arrive at the meeting, give
    your name to the scrutineers and state that you are a proxy
    appointee. An appointee must attend the meeting in order for
    your shares to be voted.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>3.</TD>
    <TD align="left">
    Unless you (or an appointee) attend the meeting and vote in
    person, your securities can be voted only by management of the
    Company in accordance with your instructions as specified in
    Box&nbsp;B.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>4.</TD>
    <TD align="left">
    As your vote is very important, we recommend that your VIF be
    received at least one business day prior to the deadline for
    deposit of proxies stated in the information circular. Greater
    time should be allowed if you wish a legal proxy be delivered to
    you.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>5.</TD>
    <TD align="left">
    Other than completing the VIF as applicable, please do not
    otherwise write comments on the VIF. If you wish, you can submit
    comments under separate cover.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 9pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
Please do not present this form at the meeting. We urge you to
read the above instructions, and the information circular, and
complete, sign and return the VIF so that your securities can be
voted.
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>METHANEX CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<B>VOTING INSTRUCTIONS FORM</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">

<DIV align="left" style="font-size: 10pt;">
<B>BOX A&nbsp;&#151; Attending and voting at the meeting</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
You may appoint a person (including yourself) to attend, vote
and act on your behalf at the meeting or any adjournment
thereof. To exercise this right, mark an &#145;x&#146; in the
box below and insert the name of the person in the space
provided.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top">
    <TD><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APPOINTEE&nbsp;</TD>
    <TD align="left">
</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 3pt;">
<DIV style="width: 81%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt;">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
print appointee name
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you have completed the space above, we will submit a legal
proxy permitting your appointee to vote to our transfer agent.
If you wish to request that a legal proxy be delivered to you,
please complete the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
send a legal proxy to me at the address indicated on the reverse.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
If you wish your appointee to attend the meeting, do not
otherwise complete this form regarding your voting instructions.
</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>
<DIV style="width: 100%; border: 1px solid black; padding: 6px;">

<DIV align="left" style="font-size: 10pt;">
<B>BOX B&nbsp;&#151; Voting by mail</B>
</DIV>

<DIV align="left" style="font-size: 10pt;">
The matters to be voted on at the meeting are as follows. Unless
you wish to attend (or appoint an appointee to attend) the
meeting and vote in person as described above, please provide
your voting instructions with a check mark
(<FONT face="wingdings">&#252;</FONT>) in the appropriate box.
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    To elect the following persons as directors of the Company to
    hold office until the sooner of the next annual general meeting
    of the Company or their ceasing to hold office:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 9pt; ">

<TR style="font-size: 1pt;">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>VOTE FOR</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap>WITHHOLD VOTE</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce Aitken</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Howard Balloch</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pierre Choquette</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Findlay</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brian Gregson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A. Terence Poole</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Reid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Monica Sloan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Graham Sweeney</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Anne Wexler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    To re-appoint KPMG, LLP, Chartered Accountants, as auditors of
    the Company for the ensuing year:</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="50%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    VOTE
    FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
    </FONT></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
    WITHHOLD
    VOTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    To vote FOR <FONT face="wingdings">&#111;</FONT> or AGAINST
    <FONT face="wingdings">&#111;</FONT> authorizing the directors
    to fix the remuneration of the auditors.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
For assistance, please contact our transfer agent, CIBC Mellon
Trust Company, who can be contacted as follows:
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="74%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Toll-free:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    1-800-387-0825</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Mail:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    CIBC Mellon Trust Company<BR>
    Suite 1600, 1066 West Hastings Street<BR>
    Vancouver, BC<BR>
    V6E 3X1</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Telephone:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    (604) 891-3008</TD>
</TR>

<TR>
    <TD colspan="3">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Facsimile:</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
    (604) 688-4301</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
THIS VOTING INSTRUCTION FORM SHOULD BE READ IN CONJUNCTION WITH
THE ACCOMPANYING INFORMATION CIRCULAR. THE SIGNED FORM MUST BE
RECEIVED NO LATER THAN 24&nbsp;HOURS (EXCLUDING SATURDAYS,
SUNDAYS AND HOLIDAYS) PRIOR TO THE MEETING OR ANY ADJOURNMENT
THEREOF.
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="56%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>METHANEX CORPORATION</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 4pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>PROXY</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 4pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>THIS PROXY IS SOLICITED ON BEHALF OF MANAGEMENT</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>FOR THE ANNUAL GENERAL MEETING OF SHAREHOLDERS</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center">
    <B>TO BE HELD ON MAY 5, 2005</B></TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="56%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD align="left">
    The undersigned holder of Common Shares of Methanex Corporation
    (the &#147;Company&#148;) hereby appoints Pierre Choquette,
    Chairman of the Board of the&nbsp;Company, or failing him, Bruce
    Aitken, President and Chief Executive Officer of the Company, or
    instead of either of them</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt;">&nbsp;&nbsp;&nbsp;&nbsp;

</DIV>

<DIV align="left" style="font-size: 3pt;">
<DIV style="width: 56%; border-top: 1.0pt solid black; font-size: 1pt">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="56%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD align="left">
    the true and lawful proxy of the undersigned to attend, act and
    vote all the shares of the Company which the undersigned may be
    entitled to vote at the Annual General Meeting of Shareholders
    of the Company (the &#147;Meeting&#148;), to be held on
    May&nbsp;5, 2005, notice of which Meeting has been received by
    the undersigned, and at any adjournment or adjournments thereof,
    and at every poll which may take place in consequence thereof
    with full power of substitution and with all the powers which
    the undersigned could exercise if personally present:</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD align="center">
    Indicate your voting choice with a check mark
    (<FONT face="wingdings">&#254;</FONT>) in the appropriate box.</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="54%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD>1.</TD>
    <TD align="left">
    To elect the following persons as directors of the Company to
    hold office until the sooner of the next annual general meeting
    of the Company or their ceasing to hold office:</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8pt; margin-top: 6pt; ">

<TR style="font-size: 1pt;">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>VOTE FOR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>WITHHOLD VOTE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Bruce Aitken</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Howard Balloch</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Pierre Choquette</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Robert Findlay</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Brian Gregson</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    A. Terence Poole</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    John Reid</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Monica Sloan</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Graham Sweeney</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Anne Wexler</DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" nowrap><FONT face="wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
</CENTER>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="54%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD>2.</TD>
    <TD align="left">
    To re-appoint KPMG LLP, Chartered Accountants, as auditors of
    the Company for the ensuing year:</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt;">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VOTE FOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WITHHOLD&nbsp;VOTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></TD>
    <TD align="right"></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="2%"></TD>
    <TD width="54%"></TD>
    <TD width="44%"></TD>
</TR>

<TR valign="top">
    <TD>3.</TD>
    <TD align="left">
    To vote FOR <FONT face="wingdings">&#111;</FONT> or AGAINST
    <FONT face="wingdings">&#111;</FONT> authorizing the directors
    to fix the remuneration of the auditors.</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
<B>If no specific voting choice has been given for an item, the
shares represented by this proxy will be voted FOR the item.</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The person exercising this proxy has discretionary authority and
may vote the shares represented hereby as such person considers
best with respect to amendments or variations to the matters
identified in the Notice of Meeting or other matters which may
properly come before the Meeting where such amendments,
variations or matters were not known to management of the
Company a reasonable time prior to the solicitation of this
proxy.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
All shares represented at the Meeting by properly executed
proxies will be voted or withheld from voting in accordance with
the instructions of the undersigned on any ballot that may be
called for, and where a choice with respect to any matter to be
acted upon has been specified in the proxy, the shares
represented by the proxy will be voted in accordance with such
specifications.
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby revokes any proxy previously given.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0" style="font-size: 8pt; margin-top: 8pt; ">

<TR style="font-size: 1pt;">
    <TD width="57%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    2005.<DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    Print Name</TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    Number of Common Shares
    held:&nbsp;<DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></DIV>
    </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    <DIV style="border-top: 1pt solid #000000; font-size: 1pt; margin-top: 2pt;">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">
    Signature of Holder</TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;">
NOTES:
</DIV>

<DIV style="margin-top: 6pt; margin-left: 0; margin-right: 0; margin-bottom: 0; color: #000000; background: #ffffff;"></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt;">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>(a)</TD>
    <TD align="left">
    The proxy must be signed by the holder of Common Shares or the
    holder&#146;s attorney duly authorized in writing and the power
    of attorney need not be attached. Where the holder is a
    corporation, the proxy must be executed under its corporate seal
    or by an officer or attorney thereof duly authorized.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(b)</TD>
    <TD align="left">
    The proxy must be delivered to CIBC Mellon Trust Company not
    less than 24 hours (excluding Saturdays, Sundays and holidays)
    prior to the time fixed for the commencement of the Meeting or
    any adjournment thereof. Please use the envelope accompanying
    these materials; mail the proxy to Proxy Dept., CIBC&nbsp;Mellon
    Trust Company, #6, 200&nbsp;Queen&#146;s Quay East, Toronto, ON
    Canada M5A&nbsp;4K9 or fax the proxy to (416)&nbsp;368-2502.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(c)</TD>
    <TD align="left">
    A holder of Common Shares has the right to appoint a person (who
    need not be a holder of Common Shares) other than those persons
    named above to represent him, her or it at the Meeting and may
    exercise this right by inserting the name of such person in the
    blank space provided above.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(d)</TD>
    <TD align="left">
    If the proxy is undated, it will be deemed to be dated the date
    it was mailed to the holder.</TD>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
