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<SEC-DOCUMENT>0000945234-06-000956.txt : 20070531
<SEC-HEADER>0000945234-06-000956.hdr.sgml : 20070531
<ACCEPTANCE-DATETIME>20061124131905
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000945234-06-000956
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20061124

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Nov. 23, 2006 Letter to SEC re File No. 0-20115</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Methanex</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1800 Waterfront Centre
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone: (604)&nbsp;661-2600</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Corporation</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200 Burrard Street</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (604)&nbsp;661-2666</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vancouver, British Columbia
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada V6C 3M1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><IMG src="o33915o3391500.gif" alt="(Methanex Logo)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">November&nbsp;23, 2006
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>VIA FACSIMILE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr Rufus Decker<BR>
Branch Chief<BR>
U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Washington, D.C.<BR>
20549-7010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr Decker:
</DIV>
<DIV align="center">
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>RE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;40-F for the Fiscal Year ended December&nbsp;31, 2005</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Forms 6-K for the Fiscal Quarters ended March&nbsp;31, 2006, June&nbsp;30, 2006 and September&nbsp;30, 2006</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;0-20115</B></TD>
</TR>
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</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have reviewed the comments in your letter dated November&nbsp;14, 2006 relating to the captioned item
and offer the following responses:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>FORM 40-F FOR THE YEAR ENDED DECEMBER 31, 2005</U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Securities and Exchange Commission (SEC)&nbsp;comment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a comment below requests additional disclosures or other revisions, please show us
what the revisions will look like in your response. These revisions should be included in
your future filings, including your interim filings where applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Our response:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have noted your comment.</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Exhibit&nbsp;2</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Management&#146;s Discussion and Analysis, Results of Operations, page 34</U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC comment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenues in the United States represented 35% of total revenues in 2005. Under segmented
information in Note 11 you disclosed that revenues in the United States declined from
$656.7&nbsp;million in 2004 to $585.8&nbsp;million in 2005. Please revise your management&#146;s
discussion and analysis disclosures to quantify the reasons for significant changes in net
sales and operating income in the United States in terms of the amount of increase or
decrease due to prices, volume and foreign currency. Please also discuss the underlying
reasons for these and other changes. Please also revise your management&#146;s discussion and
analysis disclosures to quantify the reasons for significant changes in net sales and
operating income on a consolidated basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Our response:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As background, the Company&#146;s operations consist of a single operating business segment -
the production and sale of methanol (see note 11 to the consolidated financial statements).
Although we have disclosure obligations under Canadian GAAP related to revenues and
property, plant and equipment attributable to geographic regions, no one geographic region
constitutes an operating business segment. Consequently, the analysis in the Management&#146;s
Discussion and Analysis (MD&#038;A) is based on the single operating business segment &#151; the
production and sale of methanol.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have provided disclosures to quantify the significant changes in net sales and operating
income related to our production and sale of methanol on pages 34-38 under the caption
&#147;Results from Operations&#148;. As part of this disclosure, we have provided analysis of
changes in Adjusted EBITDA which includes analysis of significant changes in net sales. To
help the reader, we also provided a section &#147;How We Analyze our Business&#148; on page 31 of the
MD&#038;A which provides additional insight on the analysis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are many factors that impact our global and
regional revenue levels. As disclosed in the MD&#038;A,
the methanol business is a global commodity industry
affected by supply and demand fundamentals. Due to
the diversity of the end products in which methanol
is used, demand for methanol largely depends upon
levels of industrial production and changes in
general economic conditions which can vary across the
major international methanol markets. Additionally,
in order to optimize our supply chain, we supply our
customers from three different sources of product &#151; our own produced methanol, methanol we purchase from others and
methanol that we sell on a commission basis. For methanol sold on a</TD>
</TR>

</TABLE>
</DIV>
<P align="right" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commission
basis, we do not take risk and title to the product and only the commission is
included in revenue when earned. We also sell to certain
customers under fixed price and other
arrangements. Therefore, revenue levels have varied
over time from region to region based on these types
of factors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Because of these industry factors and operational complexities, management does not devote
any meaningful time or resources to analyzing the Company&#146;s performance on a regional
basis. Therefore, we do not believe that the high level of generalized comments on a
regional basis that might be added to the MD&#038;A would be useful to a reader or improve the
overall disclosure. Management does, however, endeavour to identify specific trends and
uncertainties that may affect demand in specific regional markets as well as the global
market. An example of this type of primarily forward looking disclosure and analysis
relating to the U.S. market appears on page 43 of the MD&#038;A under &#147;Demand for Methanol in
the Production of MTBE&#148; and is also addressed in the &#147;Outlook&#148; section on page 48.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>New Zealand, page 46</U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC comment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The frequent shutdowns of the Waitara facility and its classification as a flexible asset
appear to be indications of potential impairment. Please tell us the factors that you
considered in concluding that the Waitara facility was not impaired in 2005 and 2006.
Please provide us with your analysis of the potential impairment of this facility and other
relevant supporting documentation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Our response:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We confirm that we have positioned the Waitara plant, located in New Zealand, as a flexible
production asset. The operation of this plant is dependent on being able to secure
additional natural gas on commercially acceptable terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2003 we lost substantially all of the remaining contractual natural gas entitlements for
our New Zealand operations. As a result, in 2003 we took an impairment provision to write
down property, plant and equipment and related assets in New Zealand to their fair value to
reflect the changes in availability and economics of natural gas in New Zealand. There
were no factors or circumstances in 2004 or 2005 that indicated that an additional
impairment charge should be considered. As of September&nbsp;30, 2006, the carrying value of
property, plant and equipment related to our New Zealand operations is less than $6
million. We believe the carrying value is recoverable from future operations and from the
sale of assets.</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Financial Statements</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Consolidated Statements of Cash Flows, page 59</U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC comment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You disclosed a cash inflow from investing activities of $31.1&nbsp;million from incentive tax
credits related to plant and equipment acquired and a cash outflow of $29&nbsp;million for
changes in non-cash working capital related to investing activities. Since you disclosed
in your accounts receivable footnote that you had a receivable outstanding for incentive
tax credits of $31.1&nbsp;million it does not appear that you have actually received the cash
related to these credits in 2005. Please tell us the basis in Canadian GAAP for reflecting
these credits as a cash inflow rather than as a non-cash investing activity. Please also
tell us the basis in Canadian GAAP for reflecting the net change in non-cash working
capital related to investing activities as an investing cash flow. Please refer to CICA
section 1540.46.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Our response:</U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As background, we are entitled to an incentive tax credit of $30.1&nbsp;million related to the
construction of the Chile IV methanol production facility that was completed in 2005. The
incentive tax credit was recorded as a reduction to property, plant and equipment and an
increase to receivables as we had not received the incentive tax credit as of December&nbsp;31,
2005. This was disclosed in note 2 and 3 to our consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You have asked us to consider section CICA 1540.46 in evaluating our disclosure of the tax
credit on the Consolidated Statements of Cash Flows. We believe that section CICA 1540.46
refers to situations where no cash is involved, for example when there is an exchange of
common shares for assets. We do not believe that this transaction would fall under the
scope of 1540.46.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We disclosed the incentive tax credit as a &#147;cash inflow from investing activities&#148; because
the tax credit will be received as cash. The related receivable was disclosed under Cash
Flows From Investing Activities under the line item &#147;Changes in non-cash working capital
related to investing activities&#148; because the ultimate collection of the receivable will
represent cash from investing activities. The net result of these two items is that none
of the incentive tax credit is reflected in the total of cash from
investing activities. We believe this accounting treatment is in accordance with Canadian
GAAP and allows the reader of the financial statements to articulate the changes in
non-cash working capital from investing activities to the balance sheet. We also believe
the Consolidated Statements of Cash Flows read in conjunction with notes 2 and 3 to our
consolidated financial statements provide clear disclosure of this issue.</TD>
</TR>

</TABLE>
</DIV>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Methanex Corporation (the Company) acknowledges that:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is responsible for the adequacy and accuracy of the disclosure in its filings
with the SEC</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>SEC staff comments or changes to disclosure in response to SEC staff comments do not
foreclose the SEC from taking any action with respect to the filing; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company may not assert SEC staff comments as a defense in any proceeding initiated by
the SEC or any person under the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Yours truly,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">METHANEX CORPORATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Ian P. Cameron&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;<BR>
Senior Vice President and<BR>
Chief Financial Officer

</DIV>
<DIV align="center">
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<!-- Begin Table Head -->
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    <TD width="1%">&nbsp;</TD>
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    <TD width="98%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KPMG LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McCarthy Tetrault LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Audit, Finance and Risk Committee of Methanex Corporation</TD>
</TR>
<!-- End Table Body -->
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