<SEC-DOCUMENT>0001193125-12-073039.txt : 20120222
<SEC-HEADER>0001193125-12-073039.hdr.sgml : 20120222
<ACCEPTANCE-DATETIME>20120222172403
ACCESSION NUMBER:		0001193125-12-073039
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120222
FILED AS OF DATE:		20120222
DATE AS OF CHANGE:		20120222

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:		12631231

	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>d304311d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P>&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>WASHINGTON, D.C. 20549 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 6-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>REPORT OF FOREIGN PRIVATE ISSUER </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF THE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>SECURITIES EXCHANGE ACT OF 1934
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOR THE MONTH OF FEBRUARY 2012 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>COMMISSION FILE NUMBER 0-20115 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>METHANEX
CORPORATION </B><I> </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><I>(Registrant&#146;s name)</I><B> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B></B><I>(Address of principal executive offices)</I><B> </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Form&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by
Regulation S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark if the registrant is
submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INCORPORATION BY REFERENCE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Underwriting Agreement dated as of February&nbsp;21, 2012, among the Company and BNP Paribas Securities Corp. and RBS&nbsp;Securities Inc. (as representatives of the several Underwriters), included as
Exhibit 99.1 of this Form 6-K (Commission File&nbsp;No.&nbsp;0-20115), furnished to the Commission on February&nbsp;22, 2012, is incorporated by reference as an exhibit to the Registration Statement on Form&nbsp;F-9 of the Registrant (Commission
File&nbsp;No. 333-177632). </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">METHANEX CORPORATION</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: February 22, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ RANDY MILNER&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Randy Milner</FONT></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:&nbsp;&nbsp; Senior Vice President, General</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel &amp;&nbsp;Corporate Secretary</FONT></P></TD></TR>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT&nbsp;INDEX </B></FONT></P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1px solid #000000;width:75pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Description of Exhibit</B></FONT></P></TD></TR>


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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriting Agreement dated as of February&nbsp;21, 2012.</FONT></TD></TR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d304311dex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML><HEAD>
<TITLE>Exhibit 99.1</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>EXECUTION VERSION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Methanex Corporation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.25% Senior Notes due 2022 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I><U>Underwriting Agreement </U></I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;21, 2012 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities
Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As representatives of the several Underwriters </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">named in Schedule&nbsp;I hereto </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">c/o</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">787 Seventh Avenue, 7th Floor </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10019-6016 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc. </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Blvd </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT 06901 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex Corporation, a Canadian corporation (the &#147;<B>Company</B>&#148;), proposes, subject to the terms and conditions stated
herein, to issue and sell to the Underwriters named in Schedule&nbsp;I hereto (the &#147;<B>Underwriters</B>&#148;), for whom you (the &#147;<B>Representatives</B>&#148;) are acting as representatives, an aggregate of US$250,000,000 principal amount
of the Company&#146;s 5.25% Senior Notes due 2022 (the &#147;<B>Securities</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Company represents and warrants
to, and agrees with, each of the Underwriters that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) The Company meets the requirements under the
<I>Securities Act</I> (British Columbia) and the rules, regulations and national, multi-jurisdictional or local instruments and published policy statements applicable in the Province of British Columbia, including the rules and procedures
established pursuant to National Instrument&nbsp;44-101&#151;<I>Short Form Prospectus Distributions</I> and National Instrument&nbsp;44-102&#151;<I>Shelf Distributions</I> (the &#147;<B>Shelf Procedures</B>&#148;), for the distribution of the
Securities in the Province of British Columbia pursuant to a short form shelf prospectus (collectively, the &#147;<B>BC Securities Laws</B>&#148;); a final short form base shelf prospectus in respect of up to US$500,000,000 aggregate initial
offering amount of debt securities of the Company (the &#147;<B>Shelf Securities</B>&#148;) has been filed with the British Columbia Securities Commission (the &#147;<B>BCSC</B>&#148;) as the review jurisdiction under National Instrument 44-101 in
respect of the offering of the Securities; a receipt has been obtained from the BCSC in respect of such final short form base shelf prospectus in the form heretofore delivered to the Representatives (together with all documents filed in
</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
connection therewith and all documents incorporated by reference therein); no other document pertaining to such final short form base shelf prospectus or document incorporated by reference
therein has been filed with the BCSC except for any documents heretofore delivered to the Representatives; no order having the effect of ceasing or suspending the distribution of the Shelf Securities (including the Securities) has been issued by the
BCSC and no proceeding for that purpose has been initiated or, to the best of the Company&#146;s knowledge, threatened by the BCSC (the final short form base shelf prospectus, as most recently amended, if applicable, filed with the BCSC on or before
the date of this Agreement for which a receipt has been obtained being hereinafter called the &#147;<B>Canadian Base Prospectus</B>&#148;). The preliminary prospectus supplement relating to the offering of the Securities which excludes certain
pricing information and other final terms of the Securities, together with the Canadian Base Prospectus, is hereinafter called the &#147;<B>Canadian Preliminary Prospectus</B>&#148;; the final prospectus supplement relating to the offering of the
Securities which includes the pricing and other information omitted from the Canadian Preliminary Prospectus, to be filed with the BCSC in accordance with the BC Securities Laws and in accordance with Section&nbsp;5(a) hereof, together with the
Canadian Base Prospectus, is hereinafter called the &#147;<B>Canadian Prospectus</B>&#148;. As used herein, the terms &#147;Canadian Base Prospectus,&#148; &#147;Canadian Preliminary Prospectus,&#148; and &#147;Canadian Prospectus&#148; shall
include the documents, if any, included or incorporated by reference therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The Company meets the
general eligibility requirements for use of Form&nbsp;F-9 under the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;) and the rules and regulations of the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) thereunder. The Company has filed with the Commission a registration statement on Form&nbsp;F-9 (File No.&nbsp;333-177632), as amended, relating to the Shelf Securities and an appointment of agent for service of
process on Form&nbsp;F-X (the &#147;<B>Form&nbsp;F-X</B>&#148;) relating to such registration statement. The Company has caused the Trustee (as defined below) to prepare and file with the Commission a Form&nbsp;T-1 Statement of Eligibility and
Qualification of the Trustee (the &#147;<B>Form&nbsp;T-1</B>&#148;) under the Trust Indenture Act of 1939, as amended (the &#147;<B>Trust Indenture Act</B>&#148;); there are no reports or other information that in accordance with the requirements of
the BCSC must be made publicly available in connection with the offering of the Securities that have not been made publicly available as required; there are no documents required to be filed with the BCSC in connection with the Prospectuses (as
defined below) that have not been filed as required; there are no contracts, documents or other materials required to be described or referred to in the Registration Statement (as defined below) or the Prospectuses or to be filed or incorporated by
reference as exhibits to the Registration Statement that are not described, referred to or filed or incorporated by reference as required and, in the case of those documents filed, delivered to the Representatives. The registration statement as
amended as of the Effective Date (as defined below), including the prospectus constituting a part thereof, all exhibits thereto (but excluding the Form&nbsp;T-1) and the documents incorporated by reference therein at the time such registration
statement became effective, is hereinafter called the &#147;<B>Registration Statement</B>&#148;; &#147;<B>Effective Date</B>&#148; means the effective date of the Registration Statement under the Securities Act for purposes of liability under
Section&nbsp;11 of the Securities Act of the Underwriters with respect to the offering of the Securities; the base prospectus relating to the Shelf Securities filed as part of the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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Registration Statement, in the form in which it has most recently been filed with the Commission on or prior to the date of this Agreement, is hereinafter called the &#147;<B>Base
Prospectus</B>&#148;; the Base Prospectus, as supplemented by the preliminary prospectus supplement specifically relating to the Securities, in the form in which it has most recently been filed with the Commission on or prior to the date of this
Agreement, is hereinafter referred to as the &#147;<B>Preliminary Prospectus</B>&#148;. For purposes of this Agreement, &#147;<B>free writing prospectus</B>&#148; has the meaning set forth in Rule&nbsp;405 under the Securities Act,
&#147;<B>Disclosure Package</B>&#148; means the Preliminary Prospectus together with the final term sheet substantially in the form set forth in Annex&nbsp;I hereto and the other free writing prospectuses, if any, each identified in Annex&nbsp;II
hereto, and &#147;<B>Prospectus</B>&#148; means the final prospectus supplement relating to the offering of the Securities that discloses the public offering price and other final terms of the Securities, together with the Base Prospectus, filed
with the Commission pursuant to General Instruction II.K of Form&nbsp;F-9 in accordance with Section&nbsp;5(a) hereof. As used herein, the terms &#147;Base Prospectus,&#148; &#147;Preliminary Prospectus,&#148; &#147;Disclosure Package&#148; and
&#147;Prospectus&#148; shall include the documents, if any, included or incorporated by reference therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Terms &#147;<B>supplement</B>,&#148; &#147;<B>amendment</B>,&#148; and &#147;<B>amend</B>&#148; as used herein with respect to the Registration Statement, the Canadian Base Prospectus, the Canadian Preliminary Prospectus, the Canadian Prospectus,
the Base Prospectus, the Preliminary Prospectus, the Disclosure Package, any free writing prospectus or the Prospectus shall include any document subsequently filed by the Company pursuant to BC Securities Laws or the Securities Exchange Act of
1934, as amended (the &#147;<B>Exchange Act</B>&#148;), as the case may be, that are deemed to be incorporated by reference therein. As used herein, &#147;<B>Base Prospectuses</B>&#148; shall mean, collectively, the Canadian Base Prospectus and the
Base Prospectus; &#147;<B>Preliminary Prospectuses</B>&#148; shall mean, collectively, the Canadian Preliminary Prospectus and the Preliminary Prospectus; and &#147;<B>Prospectuses</B>&#148; shall mean, collectively, the Canadian Prospectus and the
Prospectus. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Each document filed or to be filed with the BCSC and incorporated by reference in the Canadian
Preliminary Prospectus or the Canadian Prospectus, as amended or supplemented, if applicable, when such documents were or are filed with the BCSC, conformed or will conform when so filed in all material respects to the requirements of BC Securities
Laws as interpreted and applied by the BCSC, and none of such documents, as of their respective dates, contained or will contain any untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; each document, if any, filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Disclosure
Package or the Prospectus complied or will comply when so filed in all material respects with the Exchange Act and the applicable rules and regulations of the Commission thereunder, and none of such documents, as of their respective dates, contained
or will contain any untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading; <I>provided, however</I>, that this representation and warranty shall not apply to any statements or omissions contained in the Canadian Preliminary Prospectus, the Canadian Prospectus,
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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the Disclosure Package or the Prospectus, as amended or supplemented, if applicable, made in reliance upon and in conformity with information furnished to the Company in writing by an Underwriter
through the Representatives expressly for use therein. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) The Canadian Base Prospectus conforms, and the
Canadian Prospectus, as amended or supplemented, if applicable, will conform, in all material respects with the applicable requirements of BC Securities Laws; the Canadian Preliminary Prospectus, as of its filing date, did not, and the Canadian
Prospectus, as amended or supplemented, if applicable, as of its filing date and as of the Closing Date (as defined in Section&nbsp;4 hereof), will not, contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Canadian Preliminary Prospectus, as of its filing date, constituted, and the Canadian Prospectus, as
amended or supplemented, if applicable, as of its filing date and as of the Closing Date, will constitute, full, true and plain disclosure of all material facts relating to the Securities and the Company within the meaning of the <I>Securities
Act</I> (British Columbia); <I>provided, however</I>, that this representation and warranty shall not apply to any statements or omissions contained in the Canadian Preliminary Prospectus or the Canadian Prospectus, as amended or supplemented, if
applicable, made in reliance upon and in conformity with information furnished to the Company in writing by an Underwriter through the Representatives expressly for use therein. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration
Statement is in effect, and no proceedings for such purpose are pending before, or to the knowledge of the Company, threatened by the Commission. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f)(i)&nbsp;The Registration Statement, as of the Effective Date, did not contain, and, as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii)&nbsp;the Registration Statement, as of the Effective Date, the Preliminary Prospectus, as of the date of the preliminary prospectus
supplement specifically relating to the Securities, and the Disclosure Package, as of the Applicable Time (which shall be defined to be 4:00&nbsp;p.m. New York City time on the date hereof), complied, and the Prospectus, as of the date of the final
prospectus supplement specifically relating to the Securities, and as amended or supplemented on or prior to the Closing Date, if applicable, will comply, in all material respects with the Securities Act and the applicable rules and regulations of
the Commission thereunder, (iii)&nbsp;the Disclosure Package, as of the Applicable Time, did not, and at the Closing Date, the Disclosure Package, as then amended or supplemented by the Company, if applicable, will not, contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iv)&nbsp;each &#147;issuer free writing prospectus&#148; and &#147;road
show&#148;, each as defined in Rule&nbsp;433(h) of the Securities Act, if any, when considered together with the Disclosure Package, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading and (v)&nbsp;the Prospectus, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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as amended or supplemented, if applicable, as of the date of the final prospectus specifically relating to the Securities and as of the Closing Date, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not
apply to (A)&nbsp;any statements or omissions made in reliance upon and in conformity with information furnished to the Company in writing by an Underwriter through the Representatives expressly for use therein or (B)&nbsp;that part of the
Registration Statement that constitutes the Form&nbsp;T-1. As of the respective date of each and on the Closing Date, the Preliminary Prospectus conforms in all material respects to the Canadian Preliminary Prospectus, and the Prospectus, as amended
or supplemented, if applicable, will conform in all material respects to the Canadian Prospectus, as amended or supplemented, if applicable, in each case except for such deletions therefrom and additions thereto as are permitted or required by
Form&nbsp;F-9 and the applicable rules and regulations of the Commission. The Form&nbsp;F-X conforms in all material respects with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) The Company is not an &#147;ineligible issuer&#148; in connection with the offering pursuant to
Rules&nbsp;164, 405 and 433 under the Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule&nbsp;433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the
requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d) under the Securities Act or that
was prepared by or on behalf of or used or referred to by the Company complies or will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. Except for the
free writing prospectuses, if any, identified in Annex&nbsp;I hereto forming part of the Disclosure Package, and the electronic road show set forth in Annex&nbsp;II, each furnished to the Representatives before first use, the Company has not used or
referred to, and will not, without the prior consent of the Representatives (such consent not to be unreasonably withheld), use or refer to, any free writing prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) Neither the Company nor any of its subsidiaries has sustained, since the date of the latest audited financial
statements included or incorporated by reference in the Disclosure Package and the Prospectuses, any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any
labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Disclosure Package and the Prospectuses, except where such event has not had or would not have a Material Adverse Effect (as defined
herein); and, since the respective dates as of which information is given in the Disclosure Package and the Prospectuses, there has not been any change in the share capital or long-term debt of the Company or any of its subsidiaries or any material
adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders&#146; equity or results of operations of the Company and its subsidiaries taken as
a whole (&#147;<B>Material Adverse Effect</B>&#148;), otherwise than as set forth or contemplated in the Disclosure Package and the Prospectuses; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) The Company or one of its subsidiaries has good and marketable title in
fee simple to all real property and good and marketable title to all personal property owned by it and that is material to the business of the Company and its subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances and
defects except such as are described in the Disclosure Package and the Prospectuses or such as do not individually or in the aggregate materially affect the value of such property and do not individually or in the aggregate interfere with the use
made and proposed to be made of such property by the Company or its subsidiaries; and any real property and buildings, that are material to the business of the Company and its subsidiaries, taken as a whole, held under lease by the Company or one of
its subsidiaries is held by it under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the Company or its subsidiaries;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) Each subsidiary of the Company, as that term is defined in Rule&nbsp;1-02 of Regulation&nbsp;S-X under the
Securities Act (&#147;<B>Rule&nbsp;1-02</B>&#148;), that is a &#147;significant subsidiary&#148; of the Company (as such term is defined in Rule&nbsp;1-02) (each a &#147;<B>Significant Subsidiary</B>&#148; and, collectively, the
&#147;<B>Subsidiaries</B>&#148;) is listed in Schedule&nbsp;II to this Agreement; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) Each of the Company and
its Subsidiaries has been duly incorporated, amalgamated, organized, continued or formed and is validly existing as a corporation or partnership in good standing under the laws of its jurisdiction of incorporation, amalgamation, organization,
continuance or formation with power and authority (corporate and other) to own its properties and conduct its business as described in the Disclosure Package and the Prospectuses, and has been duly qualified as an extra-provincial or foreign
corporation or partnership for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, or is subject to no
liability or disability by reason of the failure to be so qualified in any such jurisdiction, except where such failure to be so qualified would not have a Material Adverse Effect; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) The Company has an authorized capitalization as set forth in the Disclosure Package and the Prospectuses, and all of
the issued shares in the capital of the Company have been duly and validly authorized and issued and are fully paid and non-assessable; and all of the issued and outstanding shares or partnership interests of each Subsidiary have been duly and
validly authorized and issued, are fully paid and non-assessable and (except for directors&#146; qualifying shares) are owned directly or indirectly by the Company in the percentages set forth on Schedule&nbsp;II hereto, free and clear of all liens,
encumbrances, equities or claims (except for encumbrances on the shares of Atlas Methanol Company Unlimited incurred in connection with the limited recourse debt facilities described in note&nbsp;8 to the Company&#146;s annual consolidated financial
statements for the year ended December&nbsp;31, 2010) and there are no restrictions on transfers of the Securities, subsequent to their issue, under the laws of Canada and of the United States, except for Securities sold in Canada pursuant to the
Canadian Offering Memorandum (as defined herein); </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m) The Securities have been duly authorized and, when issued and delivered
pursuant to this Agreement and the Indenture (as defined herein), will have been duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations of the Company entitled to the benefits provided by the
indenture dated as of July&nbsp;20, 1995 (the &#147;<B>Initial Indenture</B>&#148;) between the Company and The Bank of New York Mellon (formerly United States Trust Company of New York), as Trustee (the &#147;<B>Trustee</B>&#148;), as supplemented
by the First Supplemental Indenture dated as of June&nbsp;18, 2002, as supplemented by the Second Supplemental Indenture dated as of June&nbsp;19, 2002, as supplemented by the Third Supplemental Indenture dated as of December&nbsp;9, 2003, as
supplemented by the Fourth Supplemental Indenture dated as of August&nbsp;3, 2005, and as further supplemented by the Fifth Supplemental Indenture to be dated as of February&nbsp;28, 2012 (the &#147;<B>Supplemental Indenture</B>&#148;) (as so
supplemented, the &#147;<B>Indenture</B>&#148;) between the Company and the Trustee, under which they are to be issued, which will be substantially in the form filed as an exhibit to the Registration Statement; the Initial Indenture has been duly
authorized and duly qualified under the Trust Indenture Act and, when the Supplemental Indenture is executed and delivered by the Company and the Trustee, the Indenture will constitute a valid and legally binding instrument of the Company,
enforceable against the Company in accordance with its terms, subject, to applicable bankruptcy, insolvency, moratorium, fraudulent conveyance and other similar laws affecting creditors&#146; right and remedies generally and general principles of
equity including, without limitation, standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or
in equity and the Securities and the Indenture will conform to the descriptions thereof in the Disclosure Package and the Prospectuses; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(n) The Company has the corporate power and authority to execute, deliver and perform its obligations under this Agreement and this Agreement has been duly authorized, executed and delivered by the
Company; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) The issue and sale of the Securities and the compliance by the Company with all of the provisions
of the Securities, the Indenture and this Agreement and the consummation of the transactions herein and therein contemplated will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default (or, with the giving of notice or lapse of time, or both, would constitute a default) (&#147;<B>Default</B>&#148;) under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of
its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject (except for such conflicts, breaches, violations or defaults which
would not result in a Material Adverse Effect), (ii)&nbsp;result in any violation of the provisions of the Articles of Continuance or By-laws, as amended, of the Company or (iii)&nbsp;contravene any statute or any order, rule or regulation of any
court, central bank, stock exchange or governmental agency or body (&#147;<B>Governmental Agency</B>&#148;) having jurisdiction over the Company or any of its </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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subsidiaries or any of their properties that would have a Material Adverse Effect; and no consent, approval, authorization, order, registration, clearance or qualification (&#147;<B>Governmental
Authorization</B>&#148;) of or with any such Governmental Agency is required for the issue and sale of the Securities or the consummation by the Company of the transactions contemplated by this Agreement or the Indenture, except the registration
under the Securities Act of the Securities and such Governmental Authorization as may be required under BC Securities Laws, such as have been obtained under the Trust Indenture Act and the <I>Canada Business Corporations Act</I>, and such
Governmental Authorizations as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Securities by the Underwriters; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(p) Neither the Company nor any of its Subsidiaries is (i)&nbsp;in violation of its Articles of Continuance or By-laws (or
other constating instrument, as applicable) or (ii)&nbsp;in Default in the performance or observance of any obligation, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which it is a party or by which it or any of its properties may be bound (except, in the case of clause&nbsp;(ii) above, for such Defaults which would not result in a Material Adverse Effect); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(q) The statements set forth in the Disclosure Package and the Prospectuses under the captions &#147;Description of the
Notes&#148;, insofar as they purport to constitute a summary of the terms of the Securities; under the captions &#147;Certain Income Tax Considerations&#148; and &#147;Underwriting&#148;, insofar as they purport to describe the provisions of the
laws and documents referred to therein, are a fair summary of such terms and provisions and insofar as such statements constitute legal considerations, are accurate and correct in all material respects; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(r) Except as disclosed in the Disclosure Package and the Prospectuses or as would not individually or in the aggregate
have a Material Adverse Effect (i)&nbsp;the Company and its subsidiaries are each in compliance with all applicable Environmental Laws (as defined herein), (ii)&nbsp;the Company and its subsidiaries have all permits, authorizations and approvals
required under any applicable Environmental Laws and are in compliance with their requirements, (iii)&nbsp;there are no pending or, to the knowledge of the Company, threatened Environmental Claims (as defined herein) against the Company or any of
its subsidiaries, and (iv)&nbsp;to the knowledge of the Company, there are no circumstances with respect to any property or operations of the Company or its subsidiaries that could reasonably be anticipated to form the basis of an Environmental
Claim against the Company or its subsidiaries. In addition, based upon the Company&#146;s reviews, conducted in the ordinary course of its business, of the effect of Environmental Laws on the business and operations of the Company and its
subsidiaries, the Company has reasonably concluded that, except as disclosed in the Disclosure Package and the Prospectuses, the costs and liabilities under Environmental Laws (including, without limitation, any capital or operating expenditures
required for clean-up, remediation, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and potential liabilities to third parties) would not, singularly or
in the aggregate, have a Material Adverse Effect, or be required to be disclosed in the Disclosure Package and the Prospectuses; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of this subsection, the following terms shall have the
following meanings: &#147;<B>Environmental Law</B>&#148; means any Canadian, United States, Chilean, New Zealand, Trinidad or Egyptian (or other applicable jurisdiction&#146;s) federal, provincial, state, local or municipal statute, law, rule,
regulation, ordinance, code, or rule of common law and any judicial or administrative interpretation thereof, including any judicial or administrative order, consent decree or judgment, relating to the environment, health, safety or any chemical,
material or substance, exposure to which is prohibited, limited or regulated by any governmental authority. &#147;<B>Environmental Claim</B>&#148; means any administrative, regulatory or judicial action, suit, demand, demand letter, claim, lien,
notice of noncompliance or violation, investigation or proceeding relating in any way to any Environmental Law; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(s) Other than as set forth in the Disclosure Package and the Prospectuses, there are no legal or governmental actions,
suits or proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries, would
individually or in the aggregate have a Material Adverse Effect; and, to the best of the Company&#146;s knowledge, no such actions, suits or proceedings are threatened or contemplated by any Governmental Agency or threatened by others; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(t) The Company is not and, after giving effect to the offering and sale of the Securities, will not be an
&#147;<B>investment company</B>&#148;, as such term is defined in the Investment Company Act of 1940, as amended (the &#147;<B>Investment Company Act</B>&#148;); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(u) No Governmental Authorization of any Governmental Agency is required to effect payments of principal, premium, if any,
and interest on the Securities; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(v) No withholding tax imposed under the federal laws of Canada or the laws of
any province or territory thereof will be payable in respect of the payment of the commissions contemplated by this Agreement by the Company to an Underwriter, provided that the Underwriter deals at arm&#146;s length with the Company (as such term
is understood for purposes of the <I>Income Tax Act</I> (Canada)), and that no such commissions are payable in respect of services rendered by the Underwriter through a permanent establishment in Canada that are performed in the ordinary course of
business carried on by the Underwriter that includes the performance of such services for a fee; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(w) No goods
and services tax imposed under the federal laws of Canada or the laws of any province or territory thereof will be payable by the Company in respect of the payment of commissions as contemplated by this Agreement to an Underwriter, provided that no
such commissions are in respect of services performed by an Underwriter through a permanent establishment in Canada; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(x) No stamp duty, documentary taxes or similar taxes are payable by the Company under the federal laws of Canada or the laws of any province or territory thereof in connection with the sale and delivery
of the Securities pursuant to this Agreement by the Company; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(y) The Company and each of its subsidiaries have all licenses, franchises,
permits, authorizations, approvals and orders and other concessions of and from all Governmental Agencies (collectively, &#147;<B>Permits</B>&#148;) that are necessary to own or lease their properties and conduct their businesses as described in the
Disclosure Package and the Prospectuses, except where the failure to obtain such Permit would not have a Material Adverse Effect; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(z) The Company or one of its subsidiaries owns or possesses, or can acquire on reasonable terms, adequate patents, patent rights, licenses, inventions, copyrights, know how (including trade secrets and
other unpatented and/or unpatentable proprietary or confidential information, systems or procedures), trademarks, service marks, trade names or other intellectual property (collectively, &#147;<B>Intellectual Property</B>&#148;) necessary to carry
on the business now operated by the Company and its subsidiaries, and neither the Company nor any of its subsidiaries has received any notice or is otherwise aware of any infringement of or conflict with asserted rights of others with respect to any
Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Company or any of its subsidiaries therein, and which infringement or conflict (if the subject
of any unfavorable decision, ruling or finding) or invalidity or inadequacy, individually or in the aggregate, would result in a Material Adverse Effect; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(aa) Neither the Company nor any of its subsidiaries has taken, directly or indirectly, any action which was designed to or which has constituted or which might reasonably be expected to cause or result
in stabilization or manipulation of the price of any security of the Company or, except as permitted by this Agreement, facilitate the sale or resale of the Securities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(bb) KPMG LLP, who have audited and reported on certain annual consolidated financial statements (including the related
notes thereto) of the Company and its subsidiaries, are independent public accountants as required by the Securities Act and the rules and regulations thereunder and are independent with respect to the Company within the meaning of the <I>Canada
Business Corporations Act</I> and the BC Securities Laws and regulations and policies thereunder; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(cc) The
consolidated financial statements included or incorporated by reference in the Disclosure Package and the Prospectuses, together with the related schedules, if any, and notes, present fairly the financial position of the Company and its consolidated
subsidiaries at the dates indicated and the consolidated statements of income, shareholders&#146; equity, comprehensive income (loss) and cash flows of the Company and its consolidated subsidiaries for the periods specified; such financial
statements have been prepared in accordance with generally accepted accounting principles as applied in Canada (&#147;<B>Canadian GAAP</B>&#148;) applied on a consistent basis throughout the periods involved or International Financial Reporting
Standards as issued by the International Accounting Standards Board (&#147;<B>IFRS</B>&#148;) in the case of periods after December&nbsp;31, 2010, except as may be expressly stated in the related notes thereto and, except for the interim
consolidated financial statements included in the Disclosure Package and the Prospectuses, have been reconciled to generally accepted accounting </FONT></P>
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principles in the United States of America (&#147;<B>U.S. GAAP</B>&#148;) in accordance with Item&nbsp;17 of Form&nbsp;20-F under the Exchange Act. The selected consolidated financial data and
the summary consolidated financial data included in the Disclosure Package and the Prospectuses present fairly the information shown therein and have been compiled on a basis consistent with that of the audited and unaudited consolidated financial
statements included in the Disclosure Package and the Prospectuses; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(dd) No labor dispute with the employees
of the Company or any subsidiary exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any subsidiary&#146;s principal suppliers,
manufacturers, customers or contractors, which, in either case, may reasonably be expected to result in a Material Adverse Effect; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(ee) Except as disclosed in the Disclosure Package and the Prospectuses, neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any officer, director,
employee or any other person not dealing at arm&#146;s length with the Company which is required to be disclosed under the Securities Act or applicable BC Securities Laws and the Company does not have any outstanding loans to any of its officers or
directors; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ff) The Company will not offer or sell the Securities, directly or indirectly, in Canada, or to or
for the benefit of any resident of Canada, except in, or to or for the benefit of residents of, the Provinces of British Columbia, Alberta, Ontario or Quebec (the &#147;<B>Designated Provinces</B>&#148;) on a private placement basis, under an
offering memorandum (the &#147;<B>Canadian Offering Memorandum</B>&#148;) prepared for such purpose, pursuant to exemptions from the prospectus requirements of the securities laws of the Designated Provinces and otherwise in compliance with those
laws, and any such sales will only be made through the Underwriters or their Canadian affiliates; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(gg) Neither
the Company nor any of its subsidiaries nor, to the best knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries has taken any action, directly or indirectly, that would reasonably be
expected to result in a material violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B>FCPA</B>&#148;) or the <I>Corruption of Foreign Public Officials Act</I> (Canada) (the &#147;<B>CFPOA</B>&#148;),
including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift,
promise to give, or authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined in the FCPA) or any foreign political party or official thereof or any candidate for foreign political office, in
contravention of the FCPA or the CFPOA; and the Company, its subsidiaries and, to the best knowledge of the Company, its affiliates have conducted their businesses in material compliance with the FCPA and the CFPOA and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(hh) The operations of the Company and its subsidiaries are and have been
conducted at all times in compliance in all material respects with the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</I> (Canada), the money laundering statutes of all applicable jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines issued, administered or enforced by any governmental agency to which the Company and its subsidiaries are subject (collectively, the &#147;<B>Money Laundering Laws</B>&#148;) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the
Company, threatened; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii) Neither the Company nor any of its subsidiaries nor, to the best knowledge of the
Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(&#147;<B>OFAC</B>&#148;), the United Nations Security Council, the European Union, Her Majesty&#146;s Treasury or other relevant sanctions authority (collectively, &#147;<B>Sanctions</B>&#148;); and the Company will not directly or indirectly use
the proceeds of the offering of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the business or activities of any person
currently subject to any Sanctions; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(jj) The Indenture and the issuance of the Securities thereunder are
exempt from Part VIII of the <I>Canada Business Corporation Act</I> pursuant to an exemption order obtained under the provisions of the <I>Canada Business Corporation Act</I> and, except for the filing of the Indenture with the BCSC, no other
registration, recording or filing of the Indenture is required under the federal laws of Canada or the laws of the Province of British Columbia in connection with the authorization, execution, delivery and performance by the Company of the
Indenture; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(kk) The Company maintains disclosure controls and procedures as required by Rule&nbsp;13a-15 or
Rule&nbsp;15d-15 under the Exchange Act and as contemplated by the certifications required under Form&nbsp;52-109F1 and Form&nbsp;52-109F2 under Multilateral Instrument 52-109-<I>Certification of Disclosures in Issuer&#146;s Annual and Interim
Filings</I> (&#147;<B>52-109</B>&#148;), and such controls and procedures are effective to ensure that all material information concerning the Company is made known, on a timely basis, to the individuals responsible for the preparation of the
Company&#146;s filings with the Commission and the BCSC. The Company has disclosed to its auditors and the audit committee of its board of directors (i)&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting (as such term is defined by Rules&nbsp;13a-15(f) and 15d-15(f) under the Exchange Act and, in Canada, under 52-109) which are reasonably likely to adversely affect the Company&#146;s ability to record, process,
summarize and report financial information and (ii)&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#146;s internal controls over financial reporting; </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ll) The Company maintains systems of internal accounting controls
sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(mm) The Company has complied in all material respects with the Sarbanes-Oxley Act of 2002, and the rules and regulations promulgated in connection therewith, and the corporate governance rules of the
Nasdaq Global Market applicable to it; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(nn) The Company has not filed any confidential material change report
with any of the applicable Canadian securities commissions or similar regulatory authorities, the Toronto Stock Exchange or any other self-regulatory authority which remains confidential. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. Subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, and on the
basis of the representations, warranties and agreements and subject to the terms and conditions herein, each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price of 99.615% of the principal amount
thereof, plus accrued interest, if any, from February&nbsp;28, 2012 to the Closing Date, the principal amount of Securities set forth opposite the name of such Underwriter in Schedule&nbsp;I hereto. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As compensation to the Underwriters for their respective commitments hereunder, at the Time of Delivery the Company will pay to the
Representatives for the accounts of the several Underwriters, an underwriting commission equal to 0.65% of the principal amount of the Securities (the &#147;<B>Underwriters&#146; Commission</B>&#148;). The parties agree that the Underwriters shall
set off the Underwriters&#146; Commission against a portion of the purchase price payable to the Company in an amount equal to the Underwriters&#146; Commission and payment by the Underwriters to the Company in accordance with the above paragraph of
the purchase price net of the Underwriters&#146; Commission shall be full satisfaction of the Underwriters&#146; obligation to pay the purchase price for the Securities and the Company&#146;s obligation to pay the Underwriters&#146; Commission.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The several Underwriters propose to offer the Securities for sale upon the terms and subject to the conditions set forth
in this Agreement, the Disclosure Package and the Prospectuses. Additionally, the Underwriters: (i)&nbsp;will not offer or sell Securities in any province or territory of Canada except in, or to or for the benefit of residents of, the Designated
Provinces on a private placement basis under the Canadian Offering Memorandum prepared for such purpose, pursuant to exemptions from the prospectus requirements of the securities laws of the Designated Provinces and otherwise in compliance with
those laws, and any such sales will only be made through the Underwriters or their Canadian affiliates; and (ii)&nbsp;have not made, and will not make, any offer relating to the Securities that would constitute a &#147;free writing prospectus&#148;
(as </FONT></P>
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defined in Rule&nbsp;405 under the Securities Act), without the prior consent of the Company and the Representatives (such consent not to be unreasonably withheld), <I>provided however</I>, the
Underwriters are authorized to use a free writing prospectus that contains only information (i)&nbsp;describing the preliminary terms of the Securities or their offering or (ii)&nbsp;describing the final terms of the Securities or the Company which
will not be inconsistent with the final term sheet substantially in the form set forth in Annex&nbsp;I hereto or the information in the road show set forth in Annex&nbsp;II hereto. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.(a) The Securities to be purchased by each Underwriter hereunder will be represented by one or more definitive global Securities in
book-entry form which will be deposited by or on behalf of the Company with The Depository Trust Company (&#147;<B>DTC</B>&#148;) or its designated custodian. The Company will deliver the Securities to the Representatives, for the account of each
Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor in U.S. dollars by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least forty-eight hours in
advance. The Company will cause the certificates representing the Securities to be made available to the Representatives for checking at least twenty-four hours prior to the Time of Delivery (as defined below) at the office of DTC or its designated
custodian (the &#147;<B>Designated Office</B>&#148;) or otherwise, including by electronic delivery of draft copies thereof. The time and date of such delivery and payment shall be 9:00 a.m., New York City time, on February&nbsp;28, 2012 or such
other time and date as the Representatives and the Company may agree upon in writing. Such time and date are herein called the &#147;<B>Time of Delivery</B>&#148; and such date is herein called the &#147;<B>Closing Date</B>&#148;. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) The documents to be delivered at the Time of Delivery by or on behalf of the parties hereto pursuant to Section&nbsp;7
hereof, including the cross-receipt for the Securities and any additional documents requested by the Underwriters pursuant to Section&nbsp;7(k) hereof, will be delivered at the offices of McCarthy Tetrault LLP, 1300-777 Dunsmuir Street, Vancouver,
British Columbia, Canada (the &#147;<B>Closing Location</B>&#148;), and the Securities will be delivered at the Designated Office, all at the Time of Delivery. A meeting will be held at the Closing Location at 5:00 p.m., New York City time, on the
New York Business Day next preceding the Closing Date, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section&nbsp;4
and Section&nbsp;5, &#147;<B>New York Business Day</B>&#148; shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York or Vancouver, British Columbia are generally authorized or
obligated by law or executive order to close. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The Company agrees with each of the Underwriters: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) To prepare the Canadian Prospectus and the Prospectus in a form reasonably approved by the Representatives and
(i)&nbsp;to file the Canadian Prospectus with the BCSC in accordance with the Shelf Procedures not later than the BCSC&#146;s close of business on the second business day following the execution and delivery of this Agreement and (ii)&nbsp;to file
the Prospectus with the Commission pursuant to General Instruction II.K. of Form&nbsp;F-9 under the Securities Act not later than the Commission&#146;s close of business on the second business day following the execution and delivery of this
</FONT></P>
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Agreement; before amending or supplementing the Registration Statement, the Disclosure Package or the Prospectuses prior to the Time of Delivery, to furnish to the Representatives a copy of each
such proposed amendment or supplement and not to file any such proposed amendment or supplement to which the Representatives shall have reasonably objected in a timely manner; to file promptly all reports required to be filed by the Company with the
BCSC pursuant to BC Securities Laws and the Commission pursuant to Section&nbsp;13(a), 13(c) or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required in connection with the offering or sale of the Securities, and during
such same period to advise the Representatives, promptly after it receives notice thereof, (A)&nbsp;of the time when any amendment to the Canadian Preliminary Prospectus or Canadian Prospectus has been filed or receipted, when any supplement to the
Canadian Preliminary Prospectus or Canadian Prospectus has been filed, when any amendment to the Registration Statement has been filed or becomes effective or any supplement to the Preliminary Prospectus or the Prospectus has been filed, in each
case, as applicable, with the BCSC or the Commission, (B)&nbsp;of the issuance by the BCSC or the Commission of any stop order or of any order preventing or suspending the use of any prospectus relating to the Securities or the effectiveness of the
Registration Statement, (C)&nbsp;of the suspension of the qualification of the Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for any such purpose, or (D)&nbsp;of any request by the BCSC or the
Commission for the amending or supplementing of the Registration Statement, the Base Prospectuses, the Preliminary Prospectuses, the Disclosure Package or the Prospectuses or for additional information relating to the Securities; and, in the event
of the issuance of any such stop order or of any such order preventing or suspending the use of any prospectus relating to the Securities or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) To prepare a final term sheet substantially in the form set forth in Annex&nbsp;I hereto relating to the
offering of the Securities, containing only information that describes the final terms of the Securities or the offering in a form consented to by the Representatives (such consent not to be unreasonably withheld), and to file such final term sheet
within two days of the later of the date such final terms have been established for the offering of the Securities and the date of first use; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(c) Other than the filing with the Commission of the final term sheet substantially in the form set forth in Annex&nbsp;I hereto, not to knowingly take any action that would result in an Underwriter or
the Company being required to file with the Commission pursuant to Rule&nbsp;433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file
thereunder; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) Promptly from time to time to take such action as the Representatives may reasonably request
to qualify the Securities for offering and sale under the securities laws of such jurisdictions as the Representatives&#146; may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such
jurisdictions for as long as may be necessary to complete the distribution of the Securities; <I>provided</I> that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service
of process in any </FONT></P>
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jurisdiction and further provided that nothing contained in this Section&nbsp;5(f) shall require the Company to file or qualify a prospectus in any province or territory of Canada, other than
British Columbia (for the purpose of qualifying under BC Securities Laws the distribution of the Securities in the United States and elsewhere outside of Canada), in connection with an offer and sale of the Securities in any such province or
territory; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) Prior to 12:00 pm, New York City time, on the second New York Business Day succeeding the date
of this Agreement and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in such quantities as the Representatives may reasonably request, and to furnish the Underwriters with written copies of the
Canadian Offering Memorandum in such quantities as the Representatives may reasonably request, and, if the delivery of a prospectus is required by applicable law, at any time prior to the expiration of nine months after the time of issue of the
Prospectuses in connection with the offering or sale of the Securities and if at such time any event shall have occurred as a result of which the Prospectuses as then amended or supplemented would include an untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made when such Prospectuses are delivered, not misleading, or, if for any other reason it shall be necessary
during such same period to amend or supplement the Prospectuses or to file under BC Securities Laws or under the Exchange Act any document incorporated by reference in the Prospectuses in order to comply with BC Securities Laws, the Securities Act,
the Exchange Act or the Trust Indenture Act, to notify the Representatives and upon the Representatives&#146; request to file such document and to prepare and furnish without charge to each Underwriter and to any dealer in securities as many written
and electronic copies as the Representatives may from time to time reasonably request of amended Prospectuses or supplements to the Prospectuses which will correct such statement or omission or effect such compliance; and in case any Underwriter is
required, by applicable law, to deliver a prospectus in connection with sales of any of the Securities at any time nine months or more after the time of issue of the Prospectuses, upon the Representatives&#146; request but at the expense of such
Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as the Representatives&#146; may reasonably request of an amended or supplemented Prospectus complying with Section&nbsp;10(a)(3) of the Securities Act.
The Company has furnished or will deliver to the Underwriters and counsel for the Underwriters, without charge, a copy of the Canadian Base Prospectus, the Canadian Preliminary Prospectus and the Canadian Prospectus, approved, signed and certified
as required by the BC Securities Laws, and signed copies of the Registration Statement as originally filed and of each amendment thereto (including exhibits filed therewith or incorporated by reference therein and including a signed copy of the
Form&nbsp;F-X) and signed copies of all consents and certificates of experts; the copies of the Canadian Base Prospectus, the Canadian Preliminary Prospectus and the Canadian Prospectus and any amendments or supplements thereto furnished to the
Underwriters will be identical to the electronically transmitted copies thereof filed with the BCSC pursuant to the System for Electronics Document Analysis and Retrieval (SEDAR); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) To make generally available to its securityholders, by public filing or otherwise, as soon as practicable, but in any
event not later than eighteen months after the </FONT></P>
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effective date of the Registration Statement (as defined in Rule&nbsp;158(c) under the Securities Act), an earnings statement of the Company and its subsidiaries (which need not be audited)
complying with Section&nbsp;11(a) of the Securities Act and the rules and regulations thereunder (including, at the option of the Company, Rule&nbsp;158 under the Securities Act); </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g) During the period beginning from the date hereof and continuing to and including the later of the Time of Delivery and
such earlier time as the Representatives may notify the Company, not to offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, any securities of the Company that are substantially similar to the Securities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) To furnish to holders of the Securities, by public filing or otherwise, as soon as practicable after the end of each
fiscal year an annual report (including a statement of changes in financial position and statements of income, comprehensive income, changes in equity and cash flows of the Company and its consolidated subsidiaries audited by independent chartered
accountants and prepared in conformity with IFRS and, as soon as practicable after the end of each of the first three quarters of each fiscal year prepared in accordance with IFRS (beginning with the fiscal quarter ending after the effective date of
the Registration Statement), consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) During a period of three years from the effective date of the Registration Statement, to furnish to the Underwriters (to the extent not available on the Commission&#146;s EDGAR filing system or on
SEDAR) copies of all reports or other communications (financial or other) furnished to shareholders of the Company, and to deliver to the Underwriters (to the extent not available on the Commission&#146;s EDGAR filing system or on SEDAR) (i)&nbsp;as
soon as they are available, copies of any reports and financial statements furnished to or filed with the BCSC, the Commission or any securities exchange on which any class of securities of the Company is listed; and (ii)&nbsp;such additional
information concerning the business and financial condition of the Company as the Underwriters may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Company and its
subsidiaries are consolidated in reports furnished to its shareholders generally or to the BCSC or the Commission); <I>provided</I> that, to the extent such information is not publicly available, such information shall be provided to the
Underwriters on a confidential basis; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) To use the net proceeds received by it from the sale of the
Securities pursuant to this Agreement in the manner specified in the Disclosure Package and the Prospectuses under the caption &#147;Use of Proceeds&#148;; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) Not to (and to cause its subsidiaries not to) take, directly or indirectly, any action which is designed to or which constitutes or which might reasonably be expected to cause or result in
stabilization or manipulation of the price of any security of the Company or, except as permitted by this Agreement, facilitate the sale or resale of the Securities, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. The Company covenants and agrees with the several Underwriters that the Company will pay
or cause to be paid the following: (i)&nbsp;the fees, disbursements and expenses of the Company&#146;s counsel and accountants in connection with the qualification for distribution of the Securities under BC Securities Laws and all other expenses in
connection with the preparation, printing and filing of the Canadian Base Prospectus, the Canadian Preliminary Prospectus, the Canadian Prospectus and any amendment or supplement thereof with the BCSC, the registration and delivery of the Securities
under the Securities Act and all other expenses in connection with the preparation, printing and filing of the Registration Statement, the Base Prospectus, the Preliminary Prospectus, the Disclosure Package, the Prospectus, any free writing
prospectus prepared by or on behalf of, used by, or referred to by the Company and amendments and supplements to any of the foregoing, including the filing fees payable to the Commission relating to the Securities, all printing costs associated
therewith, and the mailing and delivering of copies thereof to the Underwriters and dealers as hereinabove specified; (ii)&nbsp;the fees, disbursements and expenses of the Company&#146;s counsel in connection with the private placement of the
Securities in Canada, as well as the cost of printing or producing any Canadian Offering Memorandum to be used in connection with the offering, purchase, sale and delivery of the Securities in Canada; (iii)&nbsp;the cost of printing or producing any
Agreement Among Underwriters, this Agreement, the Supplemental Indenture, any Blue Sky and Legal Investment Memoranda, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and
delivery of the Securities; (iv)&nbsp;all expenses in connection with the qualification of the Securities for offering and sale under state and other securities laws as provided in Section&nbsp;5(b) hereof, including the fees and disbursements of
counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky and legal investment surveys; (v)&nbsp;any fees charged by securities rating services for rating the Securities; (vi)&nbsp;the filing fees
incident to, and the fees and disbursements of counsel for the Underwriters in connection with, any required review by the Financial Industry Regulatory Authority, Inc. of the terms of the sale of the Securities; (vii)&nbsp;the cost of preparing the
Securities; (viii)&nbsp;the fees and expenses of the Trustee and any agent of the Trustee and the fees and disbursements of counsel for the Trustee in connection with the Indenture and the Securities; (ix)&nbsp;all expenses and all stamp or other
issuance or transfer taxes or duties or withholding taxes payable to the Government of Canada or any political subdivision or taxing authority thereof or therein arising as a result of the issuance, sale and delivery of the Securities, or as a
result of the sale and delivery of the Securities outside of Canada of the Securities by the Underwriters to the initial purchasers thereof in the manner contemplated under this Agreement; (x)&nbsp;the costs and expenses of the Company relating to
investor presentations on any &#147;road show&#148; undertaken in connection with the marketing of the offering of the Securities, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show,
expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, and travel and lodging expenses of the
representatives and officers of the Company and any such consultants; and (xi)&nbsp;all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section. It is
understood, however, that, except as provided in this Section, and Sections&nbsp;8 and 11 hereof, the Underwriters will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Securities
by them, and any advertising expenses connected with any offers they may make. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. The several obligations of the Underwriters hereunder shall be subject, in the discretion
of the Representatives, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the date hereof and the Time of Delivery, true and correct, the condition that the Company shall have
performed all of its obligations hereunder theretofore to be performed, and the following additional conditions: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)(i)&nbsp;The Canadian Prospectus shall have been filed with the BCSC under the Shelf Procedures and (ii)&nbsp;the
Prospectus shall have been filed with the Commission pursuant to General Instruction II.K. of Form&nbsp;F-9 under the Securities Act, in each case within the applicable time period prescribed for such filing thereunder and in accordance with
Section&nbsp;5(a) hereof; no order having the effect of ceasing or suspending the distribution of the Securities or stop order suspending the effectiveness of the Registration Statement or any part thereof or having the effect of preventing or
suspending the use of any prospectus relating to the Securities shall have been issued and no proceeding for that purpose shall have been initiated or, to the knowledge of the Company, threatened by the BCSC or the Commission; and all requests for
additional information on the part of the BCSC or the Commission shall have been complied with to the Representatives&#146; reasonable satisfaction; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b) Shearman&nbsp;&amp; Sterling LLP, United States counsel for the Underwriters, shall have furnished to the Underwriters such written opinion or opinions, dated the Closing Date, with respect to the
matters as the Representatives may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP, United States counsel for the Company, shall have furnished to
the Underwriters their written opinion, dated the Closing Date, the form of which is attached as Exhibit A. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) McCarthy Tetrault LLP, Canadian counsel for the Company, shall have furnished to the Underwriters their written
opinion, dated the Closing Date, the form of which is attached as Exhibit&nbsp;B. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) On the date of this
Agreement and on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement, KPMG LLP shall have furnished to the Underwriters, a letter or letters, dated the respective dates of
delivery thereof, in form and substance satisfactory to the Representatives, covering certain financial information included or incorporated by reference in the Disclosure Package and other customary information; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) At the Time of Delivery, KPMG LLP shall have furnished to the Underwriters, a letter dated such date, in form and
substance satisfactory to the Representatives, to the effect that they reaffirm the statements made in the letter furnished by them pursuant to subsection&nbsp;(e) of this Section&nbsp;7, except that (i)&nbsp;it shall cover certain financial
information included or incorporated by reference in the Prospectuses and any amendment or supplement thereto and (ii)&nbsp;the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to
the Closing Date; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(g)(i)&nbsp;Neither the Company nor any of its subsidiaries shall have
sustained since the date of the latest audited financial statements included or incorporated by reference in the Disclosure Package and the Prospectuses any loss or interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Disclosure Package and the Prospectuses, and (ii)&nbsp;since the respective dates as
of which information is given in the Disclosure Package and the Prospectuses there shall not have been any change in the share capital or long-term debt of the Company or any of its subsidiaries or any change, or any development involving a
prospective change, in or affecting the general affairs, management, financial position, shareholders&#146; equity or results of operations of the Company and its subsidiaries taken as a whole, otherwise than as set forth or contemplated in the
Disclosure Package and the Prospectus, the effect of which, in any such case described in clause&nbsp;(i) or (ii), is in the judgment of the Underwriters so material and adverse as to make it impracticable or inadvisable to proceed with the public
offering or the delivery of the Securities on the terms and in the manner contemplated in the Disclosure Package and the Prospectuses; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(h) On or after the date hereof (i)&nbsp;no downgrading shall have occurred, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does
not indicate the direction of the possible change, in the rating accorded the Company&#146;s debt securities by any &#147;nationally recognized statistical rating organization&#148;, as such term is used under Section&nbsp;15E of the Exchange Act,
and (ii)&nbsp;no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company&#146;s debt securities; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i) On or after the date hereof there shall not have occurred any of the following: (i)&nbsp;a suspension or material
limitation in trading in securities generally on the Nasdaq Global Market (&#147;<B>Nasdaq</B>&#148;), the New York Stock Exchange (&#147;<B>NYSE</B>&#148;) or the Toronto Stock Exchange (the &#147;<B>TSX</B>&#148;); (ii)&nbsp;a suspension or
material limitation in trading or quotation in the Company&#146;s securities on Nasdaq or the TSX; (iii)&nbsp;a general moratorium on commercial banking activities in New York or Canada declared by the relevant authorities, or a material disruption
in commercial banking or securities settlement or clearance services in the United States or Canada; (iv)&nbsp;a change or development involving a prospective change in Canada taxation affecting the Company, the Securities or the transfer thereof;
(v)&nbsp;the outbreak or escalation of hostilities involving the United States or Canada or the declaration by the United States or Canada of a national emergency or war; or (vi)&nbsp;any other calamity or crisis or any change in financial,
political or economic conditions or currency exchange rates or controls in the United States, Canada or elsewhere, if the effect of any such event specified in clause&nbsp;(v) or (vi)&nbsp;in the judgment of the Underwriters makes it impracticable
or inadvisable to proceed with the public offering or the delivery of the Securities on the terms and in the manner contemplated in the Disclosure Package and the Prospectuses; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">20 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) The Company shall have complied with the provisions of Section&nbsp;5(c)
hereof with respect to the furnishing of prospectuses on the second New York Business Day succeeding the date of this Agreement; and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(k) The Company shall have furnished or caused to be furnished to the Underwriters at the Time of Delivery a certificate, dated the Closing Date, signed by an executive officer of the Company and
satisfactory to the Representatives, to the effect that (i)&nbsp;the representations and warranties of the Company herein are true and correct at and as of such Time of Delivery; (ii)&nbsp;the Company has complied with all of its agreements and
obligations hereunder to be performed at or prior to such Time of Delivery; (iii)&nbsp;as to the matters set forth in subsections&nbsp;(a), (g)&nbsp;and (h)&nbsp;of this Section&nbsp;7; and (iv)&nbsp;as to such other matters as the Representatives
may reasonably request. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.(a) The Company agrees to indemnify and hold harmless each Underwriter, its directors, officers,
employees, affiliates and agents, and each person, if any, who controls any Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act from and against any and all losses, claims, damages or
liabilities, joint or several, to which any of them may become subject, under the Securities Act, any BC Securities Laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or (ii)&nbsp;an untrue statement or alleged untrue statement of a material fact contained in the Base Prospectuses, the Preliminary Prospectuses, the Disclosure Package, any issuer free
writing prospectus or road show (each as defined in Rule&nbsp;433(h) under the Securities Act) or the Prospectuses or any amendment or supplement thereto, or the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and will reimburse such Underwriter or such director, officer, employee, affiliate, agent or controlling person for any legal
or other expenses reasonably incurred by such Underwriter or such director, officer, employee, affiliate, agent or controlling person in connection with investigating or defending any such action or claim as such expenses are incurred;
<I>provided</I>, <I>however</I>, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission made in the Registration Statement or any amendment thereof, the Base Prospectuses, the Preliminary Prospectuses, the Disclosure Package, any issuer free writing prospectus or road show, each as defined in Rule&nbsp;433(h) under the
Securities Act, or the Prospectuses or any amendment or supplement thereto in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives expressly for use therein. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, its directors, its
officers and each person, if any, who controls the Company within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Underwriter,
its directors, officers, employees, affiliates, agents and controlling persons, but only with reference to information furnished to the Company in writing by </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">21 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
such Underwriter through the Representatives expressly for use in the Registration Statement or any amendment thereof, the Base Prospectuses, the Preliminary Prospectuses, the Disclosure Package,
any issuer free writing prospectus or road show (each as defined in Rule&nbsp;433(h) under the Securities Act) or the Prospectuses or any amendment or supplement thereto. The Company hereby acknowledges that the only information that the
Underwriters have furnished to the Company through the Representatives expressly for use in the Registration Statement or any amendment thereof, the Base Prospectuses, the Preliminary Prospectuses, the Disclosure Package, any issuer free writing
prospectus or road show (each as defined in Rule&nbsp;433(h) under the Securities Act) or the Prospectuses or any amendment or supplement thereto, are the statements set forth in the first and second sentences of the fourth paragraph, the sixth
paragraph and the seventh paragraph under the caption &#147;Underwriting&#148; in the Preliminary Prospectus. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) Promptly after receipt by an indemnified party under subsection&nbsp;(a) or (b)&nbsp;above of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; but the omission so to
notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party otherwise than under such subsection or to the extent it is not materially prejudiced as a proximate result of such failure. In case any
such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with
any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after
notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any
other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party,
effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified
party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i)&nbsp;includes an unconditional release of the indemnified party from all liability arising out of such action or claim and
(ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(d) If the indemnification provided for in this Section&nbsp;8 is unavailable to or insufficient to hold harmless an indemnified party under subsection&nbsp;(a) or (b)&nbsp;above in respect of any losses,
claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">22 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
received by the Company on the one hand and the Underwriters on the other from the offering of the Securities. If, however, the allocation provided by the immediately preceding sentence is not
permitted by applicable law or if the indemnified party failed to give the notice required under subsection&nbsp;(c) above, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as
is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or
liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the
total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the
Prospectuses. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied
by the Company on the one hand or the Underwriters on the other and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it
would not be just and equitable if contribution pursuant to this subsection&nbsp;(d) were determined by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to above in this subsection&nbsp;(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to
above in this subsection&nbsp;(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
subsection&nbsp;(d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of
any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&#146; obligations in this subsection&nbsp;(d) to contribute are several in proportion to their respective
underwriting obligations and not joint. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) The obligations of the Company under this Section&nbsp;8 shall be
in addition to any liability which the Company may otherwise have; and the obligations of the Underwriters under this Section&nbsp;8 shall be in addition to any liability which the respective Underwriters may otherwise have. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">9.(a) If any Underwriter shall default in its obligation to purchase the Securities which it has agreed to purchase hereunder, the
Representatives may in their discretion arrange for the Underwriters or another party or other parties to purchase such Securities on the terms contained herein. If within thirty-six hours after such default by any Underwriter the
</FONT></P>
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Representatives do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other
parties satisfactory to the Representatives to purchase such Securities on such terms. In the event that, within the respective prescribed periods, the Representatives notify the Company that they have so arranged for the purchase of such
Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for a period of not more than seven days,
in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectuses, or in any other documents or arrangements, and the Company agrees to file promptly any amendments to the Registration Statement or
the Prospectuses which in the Representatives&#146; opinion may thereby be made necessary. The term &#147;Underwriter&#148; as used in this Agreement shall include any person substituted under this Section with like effect as if such person had
originally been a party to this Agreement with respect to such Securities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) If, after giving effect to any
arrangements for the purchase of the Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in subsection&nbsp;(a) above, the aggregate principal amount of such Securities which remains unpurchased
does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Securities which such Underwriter agreed to
purchase hereunder and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Securities which such Underwriter agreed to purchase hereunder) of the Securities of such defaulting
Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Underwriter or
Underwriters by you and the Company as provided in subsection&nbsp;(a) above, the aggregate principal amount of Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Company
shall not exercise the right described in subsection&nbsp;(b) above to require non-defaulting Underwriters to purchase Securities of a defaulting Underwriter or Underwriters, then this Agreement shall thereupon terminate, without liability on the
part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section&nbsp;6 hereof and the indemnity and contribution agreements in Section&nbsp;8 hereof; but nothing
herein shall relieve a defaulting Underwriter from liability for its default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. The respective indemnities, agreements,
representations, warranties and other statements of the Company, of its officers and of the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force
and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter, its directors, officers, employees, affiliates or agents or any controlling person of any Underwriter, or the Company,
or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Securities and any termination of this Agreement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">24 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. If this Agreement shall be terminated pursuant to Section&nbsp;9 hereof, the Company
shall not then be under any liability to any Underwriter except as provided in Sections&nbsp;6 and 8 hereof; but, if for any other reason the Securities are not delivered by or on behalf of the Company as provided herein, the Company will reimburse
the Underwriters through the Representatives for all out-of-pocket expenses approved in writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase,
sale and delivery of the Securities, but the Company shall then be under no further liability to any Underwriter except as provided in Sections&nbsp;6 and 8 hereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">12. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or
agreement on behalf of any Underwriter made or given by the Representatives jointly or singly on behalf of the Underwriters. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by
mail or facsimile transmission to the Representatives in care of BNP Paribas Securities Corp., 787 Seventh Avenue, 7th&nbsp;Floor, New&nbsp;York, NY 10019-6016, Attention: Debt Capital Markets Group, Fax: (212)&nbsp;841-2140 and RBS Securities Inc.,
600 Washington Blvd, Stamford, CT 06901, Attention: Debt Capital Markets Syndicate, Fax: (203)&nbsp;873-4534; and if to the Company shall be delivered or sent by mail or facsimile transmission to the address of the Company set forth in the
Registration Statement, Attention: Chief Financial Officer; <I>provided</I>, <I>however</I>, that any notice to an Underwriter pursuant to Section&nbsp;8(c) hereof shall be delivered or sent by mail or facsimile transmission to such Underwriter at
its address set forth in its Underwriters&#146; Questionnaire, which address will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. The Company hereby acknowledges that (a)&nbsp;the purchase and sale of the Securities pursuant to this Agreement,
including the determination of the public offering price of the Securities and any related discounts and commissions, is an arm&#146;s-length commercial transaction between the Company, on the one hand, and the several Underwriters and any affiliate
through which it may be acting, on the other hand, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement, (b)&nbsp;in connection with
each transaction contemplated hereby and the process leading to such transaction, each Underwriter is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary of the Company or any of its affiliates,
shareholders, creditors or employees or any other party; (c)&nbsp;no Underwriter has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company with respect to any of the transactions contemplated hereby or the
process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the offering contemplated hereby except the
obligations expressly set forth in this Agreement; (d)&nbsp;the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and the several
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">25 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Underwriters have no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (e)&nbsp;the Underwriters have not provided any legal,
accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company have consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the several
Underwriters, or any of them, with respect to the subject matter hereof. The Company hereby waives and releases, to the fullest extent permitted by law, any claims that the Company may have against the several Underwriters with respect to any breach
or alleged breach of agency or fiduciary duty. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. This Agreement shall be binding upon, and inure solely to the benefit of,
the Underwriters, the Company and, to the extent provided in Sections&nbsp;8 and 10 hereof, the directors, officers, employees, affiliates, agents and controlling persons referred to therein, and, in each case, their respective heirs, executors,
administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of
such purchase. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. The Company irrevocably (i)&nbsp;agrees that any legal suit, action or proceeding against the Company
brought by any Underwriter or by any person who controls any Underwriter arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any New York Court, (ii)&nbsp;waives, to the fullest extent it may
effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding and (iii)&nbsp;submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company irrevocably
waives any immunity to jurisdiction to which it may otherwise be entitled or become entitled (including sovereign immunity, immunity to pre-judgment attachment, post-judgment attachment and execution) in any legal suit, action or proceeding against
it arising out of or based on this Agreement or the transactions contemplated hereby which is instituted in any New York Court or in any competent court in Canada. The Company has appointed CT Corporation System located at 111 Eighth Avenue, New
York, New York 10011, as its authorized agent (the &#147;<B>Authorized Agent</B>&#148;) upon whom process may be served in any such action arising out of or based on this Agreement or the transactions contemplated hereby which may be instituted in
any New York Court by any Underwriter or by any person who controls any Underwriter, expressly consents to the jurisdiction of any such court in respect of any such action, and waives any other requirements of or objections to personal jurisdiction
with respect thereto. Such appointment shall be irrevocable. The Company represents and warrants that the Authorized Agent has agreed to act as such agent for service of process and agrees to take any and all action, including the filing of any and
all documents and instruments, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Company shall be deemed, in every
respect, effective service of process upon the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. In respect of any judgment or order given or made for any amount
due hereunder that is expressed and paid in a currency (the &#147;<B>judgment currency</B>&#148;) other than United States dollars, the Company will indemnify each Underwriter against any loss incurred by such
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">26 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Underwriter as a result of any variation as between (i)&nbsp;the rate of exchange at which the United States dollar amount is converted into the judgment currency for the purpose of such judgment
or order and (ii)&nbsp;the rate of exchange at which an Underwriter is able to purchase United States dollars with the amount of judgment currency actually received by such Underwriter. The foregoing indemnity shall constitute a separate and
independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term &#147;<B>rate of exchange</B>&#148; shall include any premiums and costs of exchange payable in
connection with the purchase of or conversion into United States dollars. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. Time shall be of the essence of this Agreement.
As used herein, and except as otherwise provided, the term &#147;<B>business day</B>&#148; shall mean any day when the Commission&#146;s office in Washington, D.C. is open for business. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">18. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Company and the Underwriters
shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the Company and the Underwriters that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">19. <B>This Agreement shall be governed by and construed in accordance with the laws of the State of New York.</B>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which
shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile, email or other
electronic transmission (i.e., &#147;pdf&#148; or &#147;tif&#148;) shall be effective as delivery of a manually executed counterpart of this Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">21. This Agreement may be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may be given, provided that the same are in writing and signed by all of the
signatories hereto. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">22. The Company is authorized, subject to applicable law, to disclose any and all aspects of this
potential transaction that are necessary to support any U.S.&nbsp;federal income tax benefits expected to be claimed with respect to such transaction, and all materials of any kind (including tax opinions and other tax analyses) related to those
benefits, without the Underwriters imposing any limitation of any kind. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">27 </FONT></P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the foregoing is in accordance with your understanding, please sign and return to us five
counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Underwriters, this Agreement and such acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that
your acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement Among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without
warranty on your part as to the authority of the signers thereof. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANEX CORPORATION</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Randy Milner</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Randy Milner</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:
Senior Vice President, General</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Counsel and Corporate Secretary</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Signature Page to Underwriting Agreement] </I></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accepted as of the date first above </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">written on behalf of themselves and </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">the other Underwriters: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BNP PARIBAS SECURITIES CORP.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Jim Turner</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Jim Turner</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title: Managing Director</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Head of Debt Capital Markets</FONT></P></TD></TR>
</TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="90%"></TD></TR>


<TR>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RBS SECURITIES INC.</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Troy Goldberg</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name: Troy Goldberg</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Title:
Vice President</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>[Signature Page to Underwriting Agreement] </I></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE&nbsp;I </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="86%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:46pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Underwriters</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal Amount<BR>of Securities<BR>to be Purchased</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">75,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. Morgan Securities LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBC Capital Markets, LLC</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">40,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIBC World Markets Corp.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">20,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">US$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">250,000,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SCHEDULE&nbsp;II </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Significant Subsidiaries </U></B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:20pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Jurisdiction</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Ownership&nbsp;by<BR>Company</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex Chile S.A.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex International Holdings Limited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cayman&nbsp;Islands</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex Trinidad (Titan) Unlimited</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trinidad</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Egyptian Methanex Methanol Company S.A.E.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Egypt</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">I-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNEX&nbsp;I </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>FORM OF FINAL TERM SHEET </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">I-1
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANEX CORPORATION </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Final Term Sheet </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>US$250,000,000 5.25% Senior Notes due 2022 (the &#147;Notes&#148;) </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="62%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Issuer:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex Corporation</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Format:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">SEC Registered</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Security Type:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Notes</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Principal Amount:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">US$250,000,000</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Maturity Date:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 1, 2022</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Rate:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.25%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Yield to Maturity:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.300%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Spread to Benchmark Treasury:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">325 basis points</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Benchmark Treasury:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">UST 2.000% due February 15, 2022</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Benchmark Treasury Price / Yield:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">99-17+ / 2.050%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Optional Redemption:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Notes will be redeemable at the Issuer&#146;s option at any time, in whole or in part, at the greater of (1) 100% of the principal amount of Notes being redeemed and (2) a
make-whole redemption price determined by using a discount rate of the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Interest Payment Dates:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">March 1 and September 1, beginning September 1, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Price to Public:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.615%</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Denominations:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">US$2,000 and integral multiples of US$1,000 in excess thereof</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trade Date:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 21, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Settlement Date:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 28, 2012 (T+5)</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Joint Book-Running Managers:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. RBS Securities Inc.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Co-Managers:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J.P. Morgan Securities LLC</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBC Capital Markets, LLC</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">CIBC World Markets
Corp.</FONT></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CUSIP / ISIN:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">59151K AG3 / US59151KAG31</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We expect that delivery of the Notes will be made against payment therefor on or about February&nbsp;28, 2012, which will
be the fifth business day following the date of pricing of the Notes (such settlement cycle being herein referred to as &#147;T+5&#148;). Under Rule 15c6-1 under the Securities Exchange Act of 1934,
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">I-2
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who
wish to trade Notes on the date of pricing or the next two succeeding business days will be required, by virtue of the fact that the Notes initially will settle T+5, to specify an alternate settlement cycle at the time of any such trade to prevent a
failed settlement. Purchasers of Notes who wish to trade Notes on the date of pricing or the next two succeeding business days should consult their own advisor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>This communication is intended for the sole use of the person to whom it is provided by us. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on
the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas Securities Corp. at 1-800-854-5674 or RBS
Securities Inc. at 1-866-884-2071. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Any disclaimer or other notice that may appear below is not applicable to this communication and
should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">I-3
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ANNEX&nbsp;II </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Net Roadshow of the Company relating to the offering of the Securities, dated February, 2012. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Opinion of Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP, United States Counsel for the Company </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;28, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">787 Seventh Avenue, 7th Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10019-6016 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Blvd
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT 06901 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as special United States counsel to Methanex Corporation, a Canadian corporation (the
&#147;Company&#148;), in connection with the Underwriting Agreement (the &#147;Underwriting Agreement&#148;), dated as of February&nbsp;21, 2012, among the Company and the several underwriters named in Schedule I thereto (the
&#147;Underwriters&#148;), for whom you are acting as representatives, relating to the purchase today by the Underwriters of US$250,000,000 in aggregate principal amount of the Company&#146;s 5.25% Notes due 2022 (the &#147;Notes&#148;). This
opinion is being furnished at the request of the Company as contemplated by Section&nbsp;7(c) of the Underwriting Agreement. Capitalized terms used and not otherwise defined in this letter have the respective meanings given those terms in the
Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has filed with the Securities and Exchange Commission (the &#147;Commission&#148;) a
Registration Statement on Form&nbsp;F-9 (File No.&nbsp;333-177632) under the Securities Act of 1933, as amended (the &#147;Act&#148;). The Registration Statement was filed on October&nbsp;31, 2011, was amended on November&nbsp;10, 2011 and was
declared effective by the Commission at 9:00&nbsp;a.m. on November&nbsp;14, 2011. The Form&nbsp;F-X of the Company dated October&nbsp;31, 2011 (the &#147;Form&nbsp;F-X&#148;) and the Form&nbsp;T-1 of the Trustee dated October&nbsp;27, 2011 (the
&#147;Form&nbsp;T-1&#148;) were filed with the Commission prior to the effectiveness of the Registration </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Statement. The base prospectus, dated November&nbsp;10, 2011, contained in the Registration Statement at the time it became effective (the &#147;Base Prospectus&#148;), as supplemented by the
preliminary prospectus supplement dated February&nbsp;21, 2012, together with the documents incorporated by reference therein, are referred to, collectively, as the &#147;Preliminary Prospectus.&#148; The Preliminary Prospectus taken together with
the other information set forth in Annex I to the Underwriting Agreement is referred to as the &#147;Disclosure Package&#148;. The Base Prospectus, as supplemented by the final prospectus supplement dated February&nbsp;21, 2012, together with the
documents incorporated by reference therein, are referred to, collectively, as the &#147;Prospectus&#148;. Both the Preliminary Prospectus and the Prospectus have been filed pursuant to General Instruction II.K of Form&nbsp;F-9 in the manner and
within the time period required by said General Instruction II.K. The Company has also filed a short form base shelf prospectus (the &#147;Canadian Base Prospectus&#148;), dated November&nbsp;10, 2011, a preliminary prospectus supplement, dated
February&nbsp;21, 2012, and a final prospectus supplement (together with the Canadian Base Prospectus and the documents incorporated by reference therein, the &#147;Canadian Final Prospectus&#148;), dated February&nbsp;21, 2012, in each case with
the British Columbia Securities Commission, as principal regulator. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have been advised orally by the staff of the
Commission that no stop order suspending the effectiveness of the Registration Statement has been issued, and to our knowledge no proceedings for that purpose have been initiated or are pending or are threatened by the Commission. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the furnishing of this opinion, we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Registration Statement; </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-3
</FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Preliminary Prospectus; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Prospectus; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Underwriting Agreement; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Indenture (the &#147;Indenture&#148;), dated as of July&nbsp;20, 1995, between the Company and The Bank of New York Mellon (formerly known as United States Trust
Company of New York) (the &#147;Trustee&#148;), as supplemented by the first supplemental indenture, dated as of June&nbsp;18, 2002, the second supplemental indenture, dated as of June&nbsp;19, 2002, the third supplemental indenture, dated as of
December&nbsp;9, 2003 and the fourth supplemental indenture, dated as of August&nbsp;3, 2005; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Fifth Supplemental Indenture (the &#147;Fifth Supplemental Indenture&#148;), dated as of February&nbsp;28, 2012, between the Company and the Trustee;
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">7.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Notes issued on the date of this letter; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">8.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an executed copy of the Form F-X. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition,
we have examined such other certificates, agreements and documents as we deemed relevant and necessary as a basis for the opinions expressed below. We have also relied upon oral and written statements of officers and representatives of the Company,
the factual matters contained in the representations and warranties of the Company made in the Underwriting Agreement and upon certificates of public officials and the officers of the Company. The documents incorporated by reference into the
Registration Statement, the Preliminary Prospectus, the Disclosure Package and the Prospectus were prepared by the Company without our participation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In our examination of the documents referred to above, we have assumed, without independent investigation, the genuineness of all signatures, the enforceability of documents against each party to the
documents other than the Company, the legal capacity of all individuals who have executed any of the documents reviewed by us, the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted
to us as </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-4
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
certified, photostatic, reproduced or conformed copies of valid existing agreements or other documents, the authenticity of the latter documents and that the statements regarding matters of fact
in the certificates, records, agreements, instruments and documents that we have examined are accurate and complete. We have also assumed, without independent investigation that (i)&nbsp;the Company is validly existing and in good standing under the
laws of its jurisdiction of organization, (ii)&nbsp;the Company has all necessary corporate power and authority to execute, deliver and perform its obligations under the Underwriting Agreement, the Indenture, the Fifth Supplemental Indenture and the
Notes (collectively, the &#147;Operative Documents&#148;), (iii)&nbsp;the execution, delivery and performance of the Operative Documents have been duly authorized by all necessary corporate action and do not violate the Certificate of Continuance,
By-laws or other organizational documents of the Company or the laws of its jurisdiction of organization, (iv)&nbsp;the due execution and delivery of the Operative Documents by the Company under the laws of its jurisdiction of organization, and
(v)&nbsp;that each of the parties (other than the Company) to the Operative Documents has complied with all of its obligations and covenants arising under the Operative Documents. We have also assumed that the Indenture and the Fifth Supplemental
Indenture have been duly authorized and executed by, and represent valid and legally binding obligations of, the Trustee and the due authentication of the Notes by the Trustee in the manner described in the certificate of the Trustee delivered to
you today. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the foregoing, and subject to the stated assumptions, exceptions and qualifications, we are of the
opinion that: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Registration Statement and the Prospectus, as of their respective effective or issue dates, as
applicable, appear on their face to be appropriately responsive in all material respects to the requirements of the Act and the rules and regulations of the Commission </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-5
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under the Act, except for the financial statements, financial statement schedules and other financial data included or incorporated by reference in or omitted from either of them and the Form
T-1, as to which we express no opinion; the Form F-X, as of its date, appears on its face to be appropriately responsive in all material respects to the requirements of the Act. We have assumed, for purposes of this paragraph, the compliance of the
Canadian Base Prospectus and the Canadian Final Prospectus with the requirements of British Columbia securities laws, as interpreted and applied by the British Columbia Securities Commission. We understand that such matters are covered in the
opinion of McCarthy T&eacute;trault LLP furnished to you today. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. No consent, approval, authorization or order of, or
filing, registration or qualification with, any Governmental Authority, which has not been obtained, taken or made (other than as required by any state securities laws, as to which we express no opinion) is required under any Applicable Law for the
issuance or sale of the Notes or the performance by the Company of its obligations under the Underwriting Agreement, the Indenture and the Fifth Supplemental Indenture. For purposes of this opinion, the term &#147;Governmental Authority&#148; means
any executive, legislative, judicial, administrative or regulatory body of the State of New York or the United States of America. For purposes of this opinion, the term &#147;Applicable Law&#148; means those laws, rules and regulations of the United
States of America and the State of New York, in each case which in our experience are normally applicable to the transactions of the type contemplated by the Underwriting Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The Fifth Supplemental Indenture (to the extent execution and delivery are governed by the laws of New York) has been duly executed
and delivered by the Company. The Indenture and the Fifth Supplemental Indenture are valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, except that the
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-6
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enforceability of the Indenture and the Fifth Supplemental Indenture may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws
affecting creditors&#146; rights generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); and the Indenture and the Fifth Supplemental Indenture conform in all
material respects to the descriptions thereof contained in each of the Disclosure Package and the Prospectus under the caption &#147;Description of Debt Securities&#148; and under the caption &#147;Description of the Notes.&#148; The Indenture has
been duly qualified under the Trust Indenture Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">4. The Notes (to the extent execution, issuance and delivery are governed
by the laws of New York), when duly executed, issued and delivered by the Company against payment as provided in the Underwriting Agreement and duly authenticated by the Trustee, will constitute valid and legally binding obligations of the Company
entitled to the benefits of the Indenture and the Fifth Supplemental Indenture and enforceable against the Company in accordance with their terms, except that the enforceability of the Notes may be subject to bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#146; rights generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law); and the
Notes, when issued and delivered, will conform in all material respects to the description contained in each of the Disclosure Package and the Prospectus, under the caption &#147;Description of Debt Securities&#148; and under the caption
&#147;Description of the Notes.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The Underwriting Agreement (to the extent execution and delivery are governed by the
laws of New York) has been duly executed and delivered by the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-7
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">6. The Company is not and, after giving effect to the offering and sale of the Notes and the
application of their proceeds as described in the Disclosure Package and the Prospectus under the heading &#147;Use of Proceeds,&#148; will not be required to be registered as an investment company under the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission promulgated thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. The statements in the Disclosure Package
and the Prospectus under the heading &#147;Certain Income Tax Considerations &#151; Certain United States Federal Income Tax Considerations,&#148; to the extent that they constitute summaries of United States federal law or regulation or legal
conclusions, have been reviewed by us and fairly summarize the matters described under that heading in all material respects. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. Under the laws of the State of New York relating to submission to jurisdiction, the Company has, pursuant to Section&nbsp;15 of the
Underwriting Agreement and Section&nbsp;13.10 of the Indenture, validly and irrevocably submitted to the personal jurisdiction of any state or federal court located in the State of New York, in any action arising out of or relating to the
Underwriting Agreement or the Indenture or the transactions contemplated thereby, has validly and irrevocably waived any objection to the venue of a proceeding in any such court, and has validly and irrevocably appointed the Authorized Agent as its
authorized agent for the purpose described in Section&nbsp;15 of the Underwriting Agreement and Section&nbsp;13.10 of the Indenture; and service of process effected on such agent in the manner set forth in Section&nbsp;15 of the Underwriting
Agreement and Section&nbsp;13.10 of the Indenture will be effective to confer valid personal jurisdiction over the Company. This opinion (8)&nbsp;is subject to the qualification that we express no opinion as to enforceability of forum selection
clauses in the federal courts. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-8
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The opinions expressed above are limited to the laws of the State of New York and the
federal laws of the United States of America. Our opinions are rendered only with respect to the laws, and the rules, regulations and orders under those laws, that are currently in effect. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is furnished by us solely for the benefit of the Underwriters in connection with the transactions referred to in the
Underwriting Agreement and may not be circulated to, or relied upon by, any other person without our prior written consent. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">PAUL, WEISS, RIFKIND, WHARTON&nbsp;&amp;
GARRISON LLP </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-9
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;28, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">787 Seventh Avenue, 7th Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10019-6016 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Blvd
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT 06901 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ladies and
Gentlemen: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as special United States counsel to Methanex Corporation, a Canadian corporation (the
&#147;Company&#148;), in connection with the Underwriting Agreement (the &#147;Underwriting Agreement&#148;), dated as of February&nbsp;21, 2012, among the Company and the several underwriters named in Schedule I thereto (the
&#147;Underwriters&#148;), for whom you are acting as representatives, relating to the purchase today by the Underwriters of US$250,000,000 in aggregate principal amount of the Company&#146;s 5.25% Notes due 2022 (the &#147;Notes&#148;). This letter
is being furnished at the request of the Company in connection with the delivery of our opinion to you of even date herewith (the &#147;Opinion&#148;) under the Underwriting Agreement. Capitalized terms used and not otherwise defined in this letter
have the respective meanings given those terms in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company has filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) a Registration Statement on Form&nbsp;F-9 (File No.&nbsp;333-177632) under the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-10
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Securities Act of 1933, as amended (the &#147;Act&#148;). The Registration Statement was filed on October&nbsp;31, 2011, was amended on November&nbsp;10, 2011 and was declared effective by the
Commission at 9:00&nbsp;a.m. on November&nbsp;14, 2011. The Form&nbsp;F-X of the Company dated October&nbsp;31, 2011 and the Form&nbsp;T-1 of the Trustee dated October&nbsp;27, 2011 (the &#147;Form&nbsp;T-1&#148;) were filed with the Commission
prior to the effectiveness of the Registration Statement. The base prospectus, dated November&nbsp;10, 2011, contained in the Registration Statement at the time it became effective (the &#147;Base Prospectus&#148;), as supplemented by the
preliminary prospectus supplement dated February&nbsp;21, 2012, together with the documents incorporated by reference therein, are referred to, collectively, as the &#147;Preliminary Prospectus.&#148; The Preliminary Prospectus taken together with
the other information set forth in Annex I to the Underwriting Agreement is referred to as the &#147;Disclosure Package&#148;. The Base Prospectus, as supplemented by the final prospectus supplement dated February&nbsp;21, 2012, together with the
documents incorporated by reference therein, are referred to, collectively, as the &#147;Prospectus&#148;. Both the Preliminary Prospectus and the Prospectus have been filed pursuant to General Instruction II.K of Form&nbsp;F-9 in the manner and
within the time period required by said General Instruction II.K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The primary purpose of our professional engagement was not
to establish factual matters or financial, accounting or statistical information. In addition, many determinations involved in the preparation of the Registration Statement, the Preliminary Prospectus and the Prospectus are of a wholly or partially
non-legal character or relate to legal matters outside the scope of the Opinion. Furthermore, the limitations inherent in the independent verification of factual matters and in the role of outside counsel are such that we have not undertaken to
independently verify, and cannot and do not assume responsibility for the accuracy, completeness or fairness of, the statements contained in the Registration Statement, the Preliminary Prospectus, the Prospectus or the documents incorporated by
reference therein (other than as explicitly stated in paragraphs 3, 4 and 7 of the Opinion). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-11
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the course of acting as special counsel to the Company in connection with the offering of
the Notes, we have participated in the preparation of the Registration Statement, the Disclosure Package and the Prospectus and in conferences and telephone conversations with officers and other representatives of the Company, your and your
counsel&#146;s representatives, representatives of Canadian counsel for the Company and the independent registered public accountants for the Company, during which conferences and conversations the contents of the Registration Statement, the
Preliminary Prospectus, the Prospectus and related matters were discussed. Based upon such participation (and relying as to factual matters on officers, employees and other representatives of the Company and its subsidiaries), our understanding of
the U.S. federal securities laws and the experience we have gained in our practice thereunder, we hereby advise you that our work in connection with this matter did not disclose any information that gave us reason to believe that (i)&nbsp;as of the
Applicable Time, the Registration Statement (except for the financial statements, financial statement schedules and other financial data included or incorporated by reference therein or omitted therefrom and the Form T-1, as to which we express no
such belief), included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii)&nbsp;as of the Applicable Time, the Disclosure Package
(except for the financial statements, financial statement schedules and other financial data included or incorporated by reference therein or omitted therefrom, as to which we express no such belief) included an untrue statement of a material fact
or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-12
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or (iii)&nbsp;as of its date or at the date and time of closing, the Prospectus (except for the financial statements, financial statement schedules and other financial data included or
incorporated by reference therein or omitted therefrom, as to which we express no such belief) included an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is furnished by us solely for your benefit in
connection with the transactions referred to in the Underwriting Agreement and may not be circulated to, or relied upon by, any other person without our prior written consent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">PAUL, WEISS, RIFKIND, WHARTON&nbsp;&amp; GARRISON LLP </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">A-13
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXHIBIT B </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Opinion of McCarthy Tetrault LLP, Canadian Counsel for the Company </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;28, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">787 Seventh Avenue, 7th Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10019-6016 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Blvd </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT
06901 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Sirs/Mesdames: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Methanex Corporation &#150; Offering of 5.25% Senior Notes Due March&nbsp;1, 2022</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have acted as Canadian counsel to Methanex Corporation (the &#147;<B>Corporation</B>&#148;) in connection with the issue by the
Corporation and the purchase by BNP Paribas Securities Corp., RBS Securities Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and CIBC World Markets Corp. (together, the &#147;<B>Underwriters</B>&#148;) of US$250,000,000 aggregate
principal amount of 5.25% Senior Notes due 2022 (the &#147;<B>Notes</B>&#148;) pursuant to an underwriting agreement (the &#147;<B>Underwriting Agreement</B>&#148;) dated as of February&nbsp;21, 2012 among the Underwriters and the Corporation. The
Notes are being created and issued pursuant to a trust indenture (the &#147;<B>Initial Indenture</B>&#148;) made as of July&nbsp;20, 1995 between the Corporation and The Bank of New York Mellon (formerly United States Trust Company of New York), as
trustee (the &#147;<B>Trustee</B>&#148;), as supplemented by a supplemental indenture dated as of June&nbsp;18, 2002 (the &#147;<B>First Supplemental Indenture</B>&#148;), a supplemental indenture dated as of June&nbsp;19, 2002 (the &#147;<B>Second
Supplemental Indenture</B>&#148;), a supplemental indenture dated as of December&nbsp;9, 2003 (the &#147;<B>Third Supplemental Indenture</B>&#148;), a supplemental indenture dated as of August&nbsp;3, 2005 (the &#147;<B>Fourth Supplemental
Indenture</B>&#148;) and a supplemental indenture dated as of February&nbsp;28, 2012 (the &#147;<B>Fifth Supplemental Indenture</B>&#148;) between the Corporation and the Trustee (the Initial Indenture, the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture being referred to collectively herein as the &#147;<B>Indenture</B>&#148;). Capitalized terms used and not otherwise
defined herein have the meanings ascribed to such terms in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the distribution of
the Notes by the Underwriters, the Corporation has prepared, pursuant to National Instrument 44-101 &#150; <I>Short Form Prospectus Distributions </I>and National Instrument 44-102 &#150; <I>Shelf Distributions</I>, and filed with the British
Columbia Securities Commission (the &#147;<B>BCSC</B>&#148;) (i)&nbsp;a preliminary short form base shelf prospectus, dated October&nbsp;31, 2011 (the &#147;<B>Canadian Preliminary Base Prospectus</B>&#148;) (including the documents incorporated or
deemed to be incorporated by reference therein), (ii)&nbsp;a final short form base shelf prospectus, dated November&nbsp;10, 2011 (the &#147;<B>Canadian Base Prospectus</B>&#148;) (including the documents incorporated or deemed to be incorporated by
reference therein), (iii)&nbsp;a preliminary prospectus supplement, dated February&nbsp;21, 2012, relating to the offering of the Notes (the &#147;<B>Canadian Preliminary Prospectus</B>&#148;)(including the documents incorporated or deemed to be
incorporated by reference therein), and (iv)&nbsp;a final prospectus supplement, dated February&nbsp;21, 2012, relating to the offering of the Notes (the &#147;<B>Canadian Final Prospectus</B>&#148;)(including the documents incorporated or deemed to
be incorporated by reference therein)(the Canadian Final Prospectus, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-2
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
together with the Canadian Base Prospectus is referred to herein as the &#147;<B>Canadian Prospectus</B>&#148;). The Corporation has also filed with the Securities and Exchange Commission (the
&#147;<B>Commission</B>&#148;) a Registration Statement on Form F-9 (File No.&nbsp;333-177632) (the &#147;<B>Registration Statement</B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B>1933 Act</B>&#148;). The Registration Statement
was filed on October&nbsp;31, 2011, was amended on November&nbsp;10, 2011 and was declared effective by the Commission at 9:00&nbsp;a.m. on November&nbsp;14, 2011. The base prospectus, dated November&nbsp;10, 2011, contained in the Registration
Statement at the time it became effective (the &#147;<B>U.S. Base Prospectus</B>&#148;), as supplemented by the preliminary prospectus supplement dated February&nbsp;21, 2012, together with the documents incorporated by reference therein, are
referred to, collectively, as the &#147;<B>U.S. Preliminary Prospectus</B>&#148;. The U.S. Base Prospectus, as supplemented by the final prospectus supplement dated February&nbsp;21, 2012, together with the documents incorporated by reference
therein and the final term sheet substantially in the form set forth in Annex&nbsp;I of the Underwriting Agreement, are referred to, collectively, as the &#147;<B>U.S. Prospectus</B>&#148;. The Canadian Prospectus and the U.S. Prospectus are
referred to herein as the &#147;<B>Prospectuses</B>&#148;. Both the U.S. Preliminary Prospectus and the U.S. Prospectus have been filed pursuant to General Instruction II.K of Form F 9. In addition, the Corporation has prepared a Canadian offering
memorandum (the &#147;<B>Canadian Offering Memorandum</B>&#148;), dated as of the date of the Canadian Final Prospectus, in connection with the offering, issue, sale and delivery of Notes by the Corporation to purchasers in the Provinces of British
Columbia, Alberta, Ontario and Qu&eacute;bec (the &#147;<B>Designated Provinces</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have participated in the
preparation of or have examined the following documents and agreements: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Certificate and Articles of Continuance of the Corporation and its By-laws, as amended; </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a certificate of compliance under the <I>Canada Business Corporations Act</I>, a certificate of good standing from the Registrar of Companies for British Columbia and a
certificate of status from the Registrar of Corporations for Alberta, each of recent date, for the Corporation; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the list of reporting issuers and defaulting issuers maintained by the BCSC as viewed by us on the BCSC website on February
<FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT>, 2012 (which, in the case of the list of reporting issuers, reflects information current to 12:00 AM on February <FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT>, 2012 and, in the case of the
list of defaulting issuers, reflects information current as of 11:59:59 PM on February <FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT>, 2012); </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">an officer&#146;s certificate of the Senior Vice President, General Counsel and Secretary of the Corporation dated February
<FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT>, 2012, (the &#147;<B>Officer&#146;s Certificate</B>&#148;); and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the executed Underwriting Agreement, the executed Indenture, the Canadian Preliminary Base Prospectus, the Canadian Base Prospectus, the Canadian Preliminary
Prospectus, the Canadian Final Prospectus, the U.S. Preliminary Prospectus, , the U.S. Prospectus, the Registration Statement and the Canadian Offering Memorandum (collectively, the &#147;<B>Offering Materials</B>&#148;). </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-3
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have also examined such statutes, public records, corporate records and documents and
certificates of public officials and officers of the Corporation, have considered such matters of law and have made such enquiries of officers of the Corporation and other persons as we have considered appropriate or necessary as a basis for the
opinions expressed herein. In such examinations we have assumed (i)&nbsp;the genuineness of the signatures and, except with respect to the Corporation, the authority of all persons signing documents examined by us, (ii)&nbsp;the authenticity of all
documents examined by us which were submitted to us as originals, (iii)&nbsp;the conformity to authentic original documents of all documents examined by us which were submitted to us as certified, conformed, facsimile or photostatic copies of
original documents and (iv)&nbsp;the identity and capacity of all individuals acting or purporting to act as public officials. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The opinions hereinafter expressed are limited to the laws of the Province of British Columbia and the federal laws of Canada, applicable
therein on the date hereof except that the opinion expressed in paragraph 27 is also with respect to the securities laws of the other Designated Provinces. Accordingly, our opinions in paragraphs 5 and 6 below are limited to the due authorization,
execution and delivery of the Underwriting Agreement, the Indenture and the Notes and the due issuance of the Notes under the laws of the Province of British Columbia and the federal laws of Canada applicable therein and we express no opinion with
respect to the requirements of the Underwriting Agreement or the Indenture, which are matters of New York law. We understand that you are being provided with and are relying upon an opinion dated the date hereof of Paul, Weiss, Rifkind,
Wharton&nbsp;&amp; Garrison LLP, with respect to the laws of the United States of America and the State of New York related to the creation, offering and sale of the Notes and certain other matters including, without limitation, satisfaction of the
requirements of the Act and the Trust Indenture Act. Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP may rely on this opinion for the purposes of such opinion, as if this opinion were addressed to them. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The qualification of any opinion or statement herein with respect to the existence or absence of facts by &#147;to our knowledge&#148;
means actual knowledge of the lawyers of our firm involved in the preparation of the Offering Materials without any independent investigation or inquiry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In expressing the opinions set forth below we have assumed, without independent investigation, that the Indenture and the Underwriting Agreement have been duly authorized, executed and delivered by and
constitute valid and legally binding obligations of the Trustee and the Underwriters, respectively, that the Notes conform to the specimen thereof examined by us and that the Trustee&#146;s certificates of authentication of the Notes have been
manually signed by one of the Trustee&#146;s authorized officers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, in rendering the opinions set forth:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">in paragraphs 1,2,3,4 and 9 below, we have relied upon the Officer&#146;s Certificate (a copy of which has been provided to you) with respect to the accuracy of factual
matters contained therein which have not been independently investigated or verified by us; </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in paragraphs 9 and 11 below, with respect to any agreement or instrument set forth in Schedule &#147;A&#148; to the Officer&#146;s Certificate which
by its terms purports to be </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-4
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<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
governed by the laws of any jurisdiction other than the Province of British Columbia, such opinions are based solely upon our understanding of the plain language of such agreement or instrument
and we express no opinion with respect to the interpretation of such agreement or instrument; and </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">in paragraph 27 below, we have relied upon the representations, warranties, acknowledgements and agreements of the purchaser of the Notes in respect of which the
securities legislation of the Designated Provinces applies which are deemed to have been made by such purchaser in the Canadian Offering Memorandum and have assumed that such representations, warranties and acknowledgements were true and correct on
the date they were made and remain true and correct as of the date hereof; and we have further assumed that the representations and warranties of the Underwriters set forth in the Underwriting Agreement are true and correct in all respects and that
the Underwriters have effected the distribution of the Notes in accordance with the terms of the Underwriting Agreement and have duly observed and performed each of their covenants contained therein. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based and relying upon and subject to the foregoing, we are of the opinion that at the date hereof: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">1. The Corporation has been duly continued and is validly existing as a corporation under the federal laws of Canada, with corporate power and authority
to own its properties and conduct its business as described in the Prospectuses and the Corporation has all requisite corporate power and authority to execute, deliver and perform its obligations under the Underwriting Agreement, the Indenture and
the Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">2. The Corporation has an authorized capitalization as set forth in the Prospectuses and all of the issued and outstanding shares
in the capital of the Corporation have duly authorized and validly issued and are fully paid and non-assessable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">3. The Corporation has been
extra-provincially registered or otherwise duly qualified as an extra-provincial or as a foreign corporation for the transaction of business under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so
as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">4. To our knowledge, based solely upon documents provided to us by the Corporation and conferences with officers and other representatives of the Corporation in connection with the offering of the Notes,
and other than as set forth in the Prospectuses, there are no legal or governmental proceedings pending to which the Corporation or any of its subsidiaries is a party or of which any property of the Corporation or any of its subsidiaries is the
subject which are of a character required by the <I>Securities Act</I> (British Columbia) and the rules, regulations and published policy statements applicable in the Province of British Columbia (&#147;<B>British Columbia Securities Laws</B>&#148;)
to be described or referred to in the Prospectuses and no such proceedings are threatened or contemplated by any Governmental Agency or threatened by others. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-5
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">5. The Underwriting Agreement has been duly authorized and, to the extent that execution and delivery are
governed by the laws of the Province of British Columbia and the federal laws of Canada applicable therein, executed and delivered by the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">6. The Indenture and the Notes have been duly authorized and, to the extent that execution, issuance and delivery are matters governed by the laws of the Province of British Columbia and the federal laws
of Canada applicable therein, the Indenture has been duly executed and delivered by the Corporation and the Notes have been duly executed, issued and delivered by the Corporation, and the Indenture and the Notes conform in all material respects to
the descriptions thereof in the Prospectuses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">7. The form of global certificate representing the Notes, as included in the Indenture, has
been duly approved and adopted by the Corporation and complies in all material respects with all applicable statutory requirements of the Province of British Columbia and of Canada applicable therein and with any applicable requirements of the
constating documents of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">8. The Indenture and the issuance of the Notes thereunder comply, to the extent applicable, with the
provisions of the <I>Canada Business Corporations Act</I>. No registration, filing or recording of the Indenture under British Columbia Securities Laws is necessary in order to preserve or protect the validity or enforceability of the Indenture or
the Notes issued thereunder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">9. The issue and sale of the Notes and the compliance by the Corporation with all of the provisions of the
Notes, the Indenture and the Underwriting Agreement and the consummation by the Corporation of the transactions therein contemplated will not (i)&nbsp;conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any of the agreements or instruments set forth in Schedule &#147;A&#148; to the Officer&#146;s Certificate, (ii)&nbsp;result in any violation of the provisions of the Articles of Continuance or the By-laws, as amended of
the Corporation or (iii)&nbsp;contravene any federal, provincial or local law, rule or regulation of the Province of British Columbia or Canada applicable to the transactions contemplated by the issue and sale of the Notes or the provisions of the
Indenture or the Underwriting Agreement or, to the best of our knowledge, any order applicable to the Corporation of any court or of any other governmental body or instrumentality having jurisdiction over it or any of its property that would have a
Material Adverse Effect (it being understood that for the purpose of this clause (iii), we are not passing upon compliance with respect to antifraud or similar provisions of any law, rule or regulation). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">10. No Governmental Authorization of or with any Governmental Agency in Canada is required for the issue and sale of the Notes or the consummation by the
Corporation of the transactions contemplated by the Underwriting Agreement or the Indenture, except such as have been obtained. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">11. To our
knowledge, the Corporation is not in violation of its constating documents or in default in the performance or observance of any material obligation, covenant or condition contained in any of the agreements or instruments set forth in Schedule
&#147;A&#148; to the Officer&#146;s Certificate. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-6
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">12. To our knowledge, all descriptions in the Prospectuses of contracts, agreements, arrangements and other
documents to which the Corporation or its subsidiaries are a party are correct in all material respects. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">13. The information in the
Registration Statement under &#147;Part II &#150; Indemnification of Directors and Officers&#148; and the statements set forth in the Prospectuses under the captions &#147;Risk Factors &#151; Risks Related to the Notes and Our Structure &#151; It
may be difficult for you&#133;&#148;, &#147;Description of the Notes &#151; Enforceability of Judgments&#148;, and &#147;Tax Considerations &#151; Certain Canadian Federal Income Tax Considerations&#148;, insofar as they purport to describe the
provisions of the laws of the Province of British Columbia or the federal laws of Canada applicable therein, and under the caption &#147;Underwriting&#148;, have been reviewed by us and, to the extent that such statements constitute matters of law
or legal conclusions, such statements fairly present the information disclosed therein and, insofar as such statements purport to describe the provisions of laws or documents referred to therein, such statements are correct in all material respects.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">14. Insofar as matters of the laws of the Province of British Columbia and the federal laws of Canada applicable therein are concerned, the
Registration Statement and the filing of the Registration Statement with the Commission have been duly authorized by and on behalf of the Corporation, and the Registration Statement has been duly executed pursuant to such authorization by and on
behalf of the Corporation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">15. A final receipt has been obtained in respect of the Canadian Base Prospectus from the BCSC and, subject to the
filing of standard post closing notices, all necessary documents have been filed, all necessary proceedings have been taken and all necessary authorizations, approvals, permits and consents have been obtained under British Columbia Securities Laws
to permit the Notes to be offered, sold and delivered, as contemplated by the Underwriting Agreement and pursuant to the U.S./Canada Multi-Jurisdictional Disclosure System (&#147;<B>MJDS</B>&#148;), in the United States, and no other Governmental
Authorization of or with any Governmental Agency in Canada or the Province of British Columbia is required for such offering, sale or delivery of the Notes pursuant to the MJDS in the United States or the consummation by the Corporation of the
transactions contemplated by the Underwriting Agreement, except such as have been obtained. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">16. The Corporation is a &#147;reporting
issuer&#148; under the securities legislation of the Province of British Columbia and is not on the list of defaulting issuers maintained under such legislation, and the Corporation meets the general requirements to use a short form prospectus under
National Instrument 44-101 &#150; <I>Short Form Prospectus Distributions</I>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">17. There are no franchises, contracts, indentures, mortgages,
loan agreements, notes, leases or other instruments referred to in the Prospectuses that in accordance with the requirements of the BCSC are required to be made publicly available in connection with the offering of the Notes that have not been made
publicly available as would be required, and there are no documents required to be filed with the BCSC in connection with the offering of the Notes that have not been filed as required. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">18. No withholding tax imposed under the federal laws of Canada or the laws of the Province of British Columbia will be payable in respect of the payment of the commissions
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-7
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contemplated by the Underwriting Agreement by the Corporation to an Underwriter, provided that the Underwriter deals at arm&#146;s length with the Corporation (as such term is understood for
purposes of the <I>Income Tax Act</I> (Canada)), and that such commissions are payable in respect of services rendered by the Underwriter wholly outside of Canada that are performed in the ordinary course of business carried on by the Underwriter
that includes the performance of such services for a fee and any such amount is reasonable in the circumstances. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">19. No goods and services
tax imposed under the federal laws of Canada will be payable by the Corporation in respect of the payment of commissions as contemplated by the Underwriting Agreement to an Underwriter, provided that such commissions are in respect of services
performed by an Underwriter wholly outside of Canada. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">20. No stamp duty, documentary taxes or similar taxes are payable by the Corporation
under the federal laws of Canada or the laws of the Province of British Columbia in connection with the sale and delivery of the Notes by the Corporation pursuant to the Underwriting Agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">21. A court of competent jurisdiction in the Province of British Columbia (a &#147;<B>British Columbia Court</B>&#148;) would give effect to the choice
of the law of the State of New York (&#147;<B>New York law</B>&#148;) as the proper law governing the Underwriting Agreement, the Indenture and the Notes, provided that such choice of law is: (A)&nbsp;<I>bona fide</I> (primarily in the sense that it
was not made with a view to avoiding the consequences of the laws of any other jurisdiction); (B)&nbsp;legal; and (C)&nbsp;not contrary to public policy as that term is applied by a British Columbia Court (&#147;<B>Public Policy</B>&#148;). In our
opinion, no Public Policy would be offended by recognition of this choice of law, nor are we aware of any basis upon which such choice of law would not be <I>bona fide</I> and legal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">22. In an action on a final and conclusive judgment <I>in personam</I> of any federal or state court in the State of New York (a &#147;<B>New York Court</B>&#148;) that is not impeachable as void or
voidable under New York law, a British Columbia Court would give effect to the appointment by the Corporation of CT Corporation System as its agent to receive service of process in the United States of America under the Underwriting Agreement and
the Indenture and to the provisions therein whereby the Corporation submits to the non-exclusive jurisdiction of a New York Court except that a British Columbia Court may not consider itself bound by any provision of the Underwriting Agreement or
the Indenture purporting to make that submission to jurisdiction exclusive. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">23. If the Underwriting Agreement, the Indenture or the Notes are
sought to be enforced in the Province of British Columbia in accordance with the laws applicable thereto as chosen by the parties, namely New York law, a British Columbia Court would, subject to the opinion expressed in paragraph 21 above, recognize
the choice of New York law and, upon such law being specifically pleaded and appropriate evidence as to such law being adduced, apply such law to all issues that under the conflict rules of the Province of British Columbia, are to be determined in
accordance with the proper or governing law of the contract, provided that: (A)&nbsp;none of the provisions of the Underwriting Agreement, the Indenture or the Notes, as the case may be, or of applicable New York law, are contrary to Public Policy;
(B)&nbsp;that such New York law does not constitute, directly or indirectly, revenue, expropriatory, public or penal laws; (C)&nbsp;in matters of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-8
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procedure, the laws of the Province of British Columbia will be applied; (D)&nbsp;a British Columbia Court will retain discretion to decline to hear such action if it is contrary to Public Policy
for it to do so, or if it is not the appropriate forum to hear such an action, or if concurrent proceedings are being brought elsewhere; and (E)&nbsp;a British Columbia Court may not enforce an obligation enforceable under the laws of the Province
of British Columbia where performance of the obligation would be illegal under the laws of the place of performance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">24. The laws of the
Province of British Columbia and the federal laws of Canada applicable therein permit an action to be brought in a British Columbia Court on a final and conclusive judgment <I>in personam</I> of a New York Court that is subsisting and unsatisfied
respecting the enforcement of the Underwriting Agreement, the Indenture or the Notes, that is not impeachable as void or voidable under New York law and that is for a sum certain if: (A)&nbsp;the New York Court that rendered such judgment had
jurisdiction over the judgment debtor, as recognized by a British Columbia Court (and submission by the Corporation in the Underwriting Agreement and the Indenture to the jurisdiction of the New York Court will be deemed sufficient for such
purpose); (B)&nbsp;proper service of process in respect of the proceeding in which such judgment was obtained was made in accordance with New York law; (C)&nbsp;such judgment was not obtained by fraud or in a manner contrary to natural justice and
the enforcement thereof would not be inconsistent with Public Policy or contrary to any order made by the Attorney General of Canada under the <I>Foreign Extraterritorial Measures Act</I> (Canada) or contrary to any order made by the Competition
Tribunal under the <I>Competition Act</I> (Canada); (D)&nbsp;the enforcement of such judgment in British Columbia does not constitute, directly or indirectly, the enforcement of any laws of the State of New York or of the United States of America
which a British Columbia Court would characterize as revenue, expropriatory, public or penal laws; (E)&nbsp;in an action to enforce a default judgment, the judgment does not contain a manifest error on its face; (F)&nbsp;the action to enforce such
judgment is commenced within the applicable limitation period after the date of such judgment; and (G)&nbsp;the judgment does not conflict with another final and conclusive judgment in the same cause of action, provided that a British Columbia Court
may stay an action to enforce a foreign judgment if an appeal of a judgment is pending or the time for appeal has not expired, and provided, further, that under the <I>Currency Act</I> (Canada) a British Columbia Court may only give judgment in
Canadian dollars. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">25. No Governmental Authorization of or with any Governmental Agency is required to effect payments of principal, premium,
if any, and interest on the Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">26. The Canadian Prospectus appears on its face to be responsive as to form in all material respects to
the requirements of British Columbia Securities Laws as interpreted and applied by the BCSC. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">27. The offering, issue, sale and delivery of
the Notes by the Corporation to purchasers in the Designated Provinces in accordance with the terms of the Canadian Offering Memorandum is exempt from the prospectus requirements of the securities laws of the Designated Provinces and no prospectus
is required nor are other documents required to be filed, proceedings taken or approvals, permits, consents or authorizations of regulatory authorities obtained by the Corporation under such securities laws to permit the offering, issue, sale and
delivery of the Notes by the Corporation or the Underwriters to purchasers resident in the Designated Provinces through registrants or dealers registered under applicable laws who comply with such applicable laws, except such filings as may be
required after the date hereof under the securities laws of the Designated Provinces. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-9
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This opinion is delivered solely for the benefit of the persons to whom it is addressed,
except as otherwise indicated herein, and may not be quoted, filed with any governmental authority or other regulatory agency or otherwise circulated or utilized for any purposes without our prior written consent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yours very truly, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-10
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">February&nbsp;28, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">BNP Paribas Securities Corp. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">787 Seventh Avenue, 7th Floor </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New York, NY 10019-6016 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RBS Securities Inc.
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">600 Washington Blvd </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stamford, CT
06901 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear Sirs/Mesdames: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Methanex Corporation &#150; Offering of 5.25% Senior Notes Due March&nbsp;1, 2022</B> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have acted as Canadian counsel to Methanex Corporation (the &#147;<B>Corporation</B>&#148;) in connection with the underwriting agreement dated February&nbsp;21, 2012 (the &#147;<B>Underwriting
Agreement</B>&#148;) among the Corporation and the several underwriters named in Schedule I to the Underwriting Agreement (the &#147;<B>Underwriters</B>&#148;), in connection with the public offering by the Corporation of US$250,000,000 in aggregate
principal amount of the Corporation&#146;s 5.25% Senior Notes due 2022 (the &#147;<B>Notes</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is being furnished to you
pursuant to Section&nbsp;7(d) of the Underwriting Agreement. All defined terms not otherwise defined herein have the meanings attributed to them in the Underwriting Agreement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As such counsel, we have participated, together with Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP, United States counsel for the Corporation, and Shearman&nbsp;&amp; Sterling LLP, United States
counsel for the Underwriters, in the preparation and have reviewed copies of the Canadian Base Prospectus, the Canadian Preliminary Prospectus, the Canadian Prospectus and the Canadian Offering Memorandum (collectively, the &#147;<B>Canadian
Disclosure Package</B>&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the course of the preparation by the Corporation of the Canadian Disclosure Package, we have participated
in conferences with certain of the officers and representatives of, and the independent chartered accountants for, the Corporation, at which the contents of the Canadian Disclosure Package were discussed. Given the limitations inherent in the
independent verification of factual matters and the character of determinations involved in the prospectus filing process in Canada, we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the
statements contained in the Canadian Disclosure Package, and have made no independent check or verification thereof. Subject to the foregoing, and on the basis of information gained in the course of the performance of the services referred to above,
including information obtained from officers and representatives of, and the independent chartered accountants for, the Issuer, no facts have come to our attention that cause us to believe that the Canadian Disclosure Package, as of its date,
contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading. However, we express no view or belief with respect to financial
statements, notes or schedules and other financial, accounting or statistical data included in, incorporated into or omitted from the Canadian Disclosure Package. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-11
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our comments set out above as to the absence of material facts which have come to our attention which could
be indicative of a misrepresentation in the Canadian Disclosure Package are based on our experience in practising securities law in the Province of British Columbia and on the meanings of the terms &#147;material fact&#148; and
&#147;misrepresentation&#148; as stated below. Such comments are limited to the meanings of such terms under the laws of the Province of British Columbia and the federal laws of Canada applicable therein. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">References in this letter to &#147;material fact&#148; are to the definition of such term in Section&nbsp;1 of the <I>Securities Act</I> (British
Columbia) (&#147;<B>BCSA</B>&#148;). Under the BCSA, a determination of whether a fact is a material fact is principally a factual, not a legal, matter, requiring a determination as to the effect information would have on market prices or values of
the relevant securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">References in this letter to &#147;misrepresentation&#148; are to the definition of such term in Section&nbsp;1 of
the BCSA. Under the BCSA, misrepresentation is defined as (a)&nbsp;an untrue statement of material fact, or (b)&nbsp;an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in the
light of the circumstances in which it was made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This letter is furnished to you at your request solely for your benefit in connection with
your use of the Canadian Disclosure Package, and may not be relied upon in any manner or for any purpose by any other person and may not to be quoted, in whole or in part, without our prior written consent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yours truly, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">B-12
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