<SEC-DOCUMENT>0001193125-13-107115.txt : 20130314
<SEC-HEADER>0001193125-13-107115.hdr.sgml : 20130314
<ACCEPTANCE-DATETIME>20130314144136
ACCESSION NUMBER:		0001193125-13-107115
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		33
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130314
DATE AS OF CHANGE:		20130314

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20115
		FILM NUMBER:		13690155

	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>40-F
<SEQUENCE>1
<FILENAME>d501645d40f.htm
<DESCRIPTION>40-F
<TEXT>
<HTML><HEAD>
<TITLE>40-F</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 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:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 40-F
</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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OR </B></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%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the fiscal year ended December&nbsp;31, 2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Commission File Number 0-20115</B></FONT></TD></TR>
</TABLE> <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></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Exact name of Registrant as specified in its charter) </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>not
applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Translation of Registrant&#146;s name into English (if applicable)) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CANADA </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Province or other jurisdiction of incorporation or organization) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2869 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Primary Standard Industrial Classification Code Number (if applicable)) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>not applicable </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(I.R.S. Employer Identification Number (if applicable)) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1800 Waterfront
Centre, 200 Burrard Street, Vancouver, British Columbia, Canada V6C&nbsp;3M1 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telephone: (604)&nbsp;661-2600
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address and telephone number of Registrant&#146;s principal executive offices) </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CT Corporation System, 111 Eighth Avenue, New York, New York 10011 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Telephone: 212-894-8940 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="1"><B>(Name, address (including zip code)and telephone number (including area code) of agent for service in the United States) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="48%"></TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:60pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Title of each class</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:148pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name of each exchange on which registered</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Shares</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NASDAQ Global Market</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act. </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>None </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Title of Class) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;page-break-before:always"></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6.00% Senior Notes due August&nbsp;15, 2015 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>3.25% Senior Notes due December&nbsp;15, 2019 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5.25% Senior Notes due
March&nbsp;1, 2022 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Title of Class) </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">For annual reports, indicate by check mark the information filed with this Form: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B>&nbsp;&nbsp;Annual Information Form</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"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B>&nbsp;&nbsp;Audited Annual Financial Statements</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of
the period covered by the annual report. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>94,309,970 Common Shares were outstanding as of December&nbsp;31, 2012
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the Registrant by filing the information contained in this Form is also thereby furnishing information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). If &#147;Yes&#148; is marked, indicate the file number assigned to the Registrant in connection with such Rule. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Yes</B>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> 82
-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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"><B>No&nbsp;&nbsp;</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT><B></B><B></B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or
15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2)&nbsp;has been subject to such filing requirements for the past 90 days. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Yes</B>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></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"><B>No</B>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post
such files). </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Yes</B>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>No</B>&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
</TABLE> <P STYLE="font-size:10px;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>

<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>ANNUAL INFORMATION FORM, AUDITED FINANCIAL STATEMENTS, AND </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Methanex Corporation (the &#147;Registrant&#148; or the &#147;Company&#148;), a Canadian public company whose common shares are listed on the Toronto Stock Exchange in Canada (trading symbol: MX), on the
NASDAQ Global Market in the United States (trading symbol: MEOH) and on the Foreign Securities Market of the Santiago Stock Exchange of Chile (trading symbol: Methanex). The Registrant is a &#147;foreign private issuer&#148; as defined in Rule 3b-4
under Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and is eligible to file this annual report on Form 40-F pursuant to the multi-jurisdictional disclosure system. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following documents of the Company are filed as exhibits to, and incorporated by reference into, this Annual Report: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD></TD>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:35pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Document</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:25pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Exhibit<BR>No.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual Information Form of the Company for the year ended December&nbsp;31, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.1</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audited financial statements of the Company for the years ended December&nbsp;31, 2012 and 2011, including the report of auditor with respect thereto</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management&#146;s Discussion and Analysis of the Company for the year ended December&nbsp;31, 2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">99.3</FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pursuant to Rule 3a12-3 under the Exchange Act, the Company&#146;s equity securities are exempt from sections 14(a),
14(b), 14(c), 14(f) and 16 of the Exchange Act. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This annual report includes or incorporates by reference certain statements that constitute &#147;forward-looking statements&#148; within the meaning of
the United States Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this annual report and documents incorporated by reference herein and include statements regarding the Registrant&#146;s intent,
belief or current expectations and those of the Registrant&#146;s management. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Registrant&#146;s actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this annual report or in documents incorporated by reference in this annual report, words such as
&#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148; &#147;potential,&#148; &#147;estimates,&#148; &#147;anticipates,&#148; &#147;aims,&#148; &#147;goal,&#148; or the negative version of those words or
other comparable terminology and similar statements of a future or forward-looking nature are intended identify these forward-looking statements. These forward-looking statements are based on various factors and were derived utilizing numerous
assumptions that could cause the Registrant&#146;s actual results to differ materially from those in the forward-looking statements. Accordingly, readers are cautioned not to put undue reliance on these forward-looking statements. For additional
information, please refer to the disclosure contained under the heading, &#147;Caution Regarding Forward-Looking Statements&#148; in the Registrant&#146;s Annual Information Form filed as Exhibit 99.1 to this report. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NOTE TO UNITED STATES READERS REGARDING DIFFERENCES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>BETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Registrant is permitted to
prepare this annual report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant now prepares its consolidated financial statements in accordance with International Financial
Reporting Standards, as issued by the International Accounting Standards Board, which principles differ in certain respects from generally accepted accounting principles applicable in the United States (&#147;U.S. GAAP&#148;) and from practices
prescribed by the SEC. Therefore, the Company&#146;s financial statements incorporated by reference in this annual report may not be comparable to financial statements prepared in accordance with U.S. GAAP. </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>


<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>CURRENCY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise indicated, all dollar amounts in this Annual Report are in United States dollars. The exchange rate of United States dollars into Canadian dollars on December&nbsp;31, 2012, based upon
the noon rate published by the Bank of Canada, was U.S.$1.00=CDN$0.9949. The exchange rate of United States dollars into Canadian dollars, on March&nbsp;12, 2013, based upon the noon rate as published by the Bank of Canada, was U.S.$1.00=CDN$1.0254.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTROLS AND PROCEDURES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Disclosure controls and procedures are defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act to mean controls and other procedures of an issuer that are designed to ensure that information
required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission&#146;s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and
communicated to the issuer&#146;s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the end of the period covered by this annual report on Form 40-F, being the fiscal year ended December&nbsp;31, 2012, an evaluation was carried out
under the supervision and with the participation of the Registrant&#146;s management, including the principal executive and principal financial officers (its Chief Executive Officer and Chief Financial Officer). Based upon that evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Registrant&#146;s disclosure controls and procedures are effective as of December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>INTERNAL CONTROL OVER FINANCIAL REPORTING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Internal Control Over Financial Reporting
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act as a process designed by, or
under the supervision of, the Registrant&#146;s Chief Executive Officer and Chief Financial Officer, and effected by the Registrant&#146;s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability
of financial reporting and preparation of the Registrant&#146;s consolidated financial statements for external purposes in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.
Internal control over financial reporting includes policies and procedures that: </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="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
Registrant; </FONT></P></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="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors of the Registrant; and </FONT></P></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="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Registrant&#146;s assets
that could have a material effect on the financial statements. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">There have been no changes during the year ended
December&nbsp;31, 2012 to internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s internal control system is designed to provide reasonable assurance to management and the board of directors regarding the preparation and fair presentation of published financial
statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and
presentation. Also, projections of any evaluation of effectiveness of internal control over financial reporting to future periods are subject to risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. </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>


<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"><B><I>Management&#146;s Assessment and Auditor&#146;s Attestation Report </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management&#146;s Report on Internal Control over Financial Reporting is provided on page 41 of the Registrants&#146; Management&#146;s Discussion and
Analysis, filed as Exhibit 99.2 to this report, under the heading &#147;Responsibility for Financial Reporting&#148;. KPMG LLP, an independent registered public accounting firm that audited and reported on our consolidated financial statements, has
issued an attestation report on the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2012. The attestation report is included on the third page of our consolidated financial statements filed as Exhibit 99.3 to
this report. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AUDIT COMMITTEE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Registrant&#146;s Board of Directors has established a separately-designated Audit, Finance and Risk Committee (the &#147;Audit Committee&#148;) in accordance with Section&nbsp;3(a)(58)(A) of the
Exchange Act and NASDAQ Listing Rule 5605(c). As at the date of this annual report, the Registrant&#146;s Audit Committee is comprised of the following directors, each of whom is independent as determined under each of Rule 10A-3 under the Exchange
Act and NASDAQ Listing Rule 5605(a): </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A. Terence Poole, Chair </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Howard Balloch* </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Reid </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Janice Rennie </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="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Balloch was appointed to the Audit Committee after the period covered by this annual report, on January&nbsp;1, 2013. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All members of the Audit Committee are financially literate, meaning they are able to read and understand the Company&#146;s financial statements and to
understand the breadth and level of complexity of the issues that can reasonably be expected to be raised by the Company&#146;s financial statements. The Audit Committee meets the composition requirements set forth by NASDAQ Listing Rule 5605(c)(2).
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A description of the mandate of the Audit Committee (the &#147;Audit Committee Charter&#148;), together with the relevant education and
experience of its members and other Committee information, may be found in the &#147;Audit Committee Information&#148; section of the Registrant&#146;s Annual Information Form for the year ended December&nbsp;31, 2012, filed as Exhibit 99.1 to this
annual report. The full text of the Audit Committee Charter is attached as Appendix &#147;A&#148; to the Annual Information Form. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>AUDIT COMMITTEE FINANCIAL EXPERT </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Registrant&#146;s Board of Directors has determined
that Mr.&nbsp;A. Terence Poole is an audit committee financial expert (as that term is defined in paragraph (8)(b)&nbsp;of General Instruction B to Form 40-F under the Exchange Act). The Commission has indicated that the designation of
Mr.&nbsp;Poole as an audit committee financial expert does not make Mr.&nbsp;Poole an &#147;expert&#148; for any other purpose, impose any duties, obligations or liability on Mr.&nbsp;Poole that are greater than those imposed on members of the Audit
Committee and the board of directors who do not carry this designation, or affect the duties, obligations or liability of any other member of the Audit Committee. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CODE OF ETHICS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Registrant has adopted a Code of Business Conduct (the &#147;Code of
Ethics&#148;) that applies to directors, officers and employees, including the Registrant&#146;s principal executive officer, principal financial officer and principal accounting officer. The Code of Ethics materially complies with NASDAQ Listing
Rule 5610, and meets the requirements for a &#147;code of ethics&#148; within the meaning of that term in Form 40-F. A copy of the Code of Ethics, can be found on the Registrant&#146;s website at www.methanex.com. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">No waivers from or material amendments to the provisions of the Code were made in 2012. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">KPMG LLP, Chartered Accountants, Vancouver, are the independent auditors of the Registrant, and the holders of the Registrant&#146;s common shares have resolved to have the directors of the Registrant
determine the auditor&#146;s remuneration. </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>


<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">The Registrant&#146;s Audit Committee annually reviews and approves the terms and scope of the external
auditors&#146; engagement. The Audit Committee oversees the Audit and Non-Audit Pre-Approval Policy, which sets forth the procedures and the conditions under which permissible services proposed to be performed by KPMG LLP, the Registrant&#146;s
external auditors, are pre-approved. The Audit Committee has delegated to the Chair of the Audit Committee pre-approval authority for any services not previously approved by the Audit Committee. All such services approved by the Chair of the Audit
Committee are subsequently reviewed by the Audit Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">All non-audit service engagements, regardless of the cost estimate, are required
to be coordinated and approved by the Chief Financial Officer to further ensure that adherence to this policy is monitored. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Audit and
Non-Audit Fees Billed by the Independent Auditors </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">KPMG LLP, Chartered Accountants, Vancouver, are the independent auditors of the
Registrant. The holders of the Registrant&#146;s Common Shares have resolved to have the directors of the Registrant determine the auditor&#146;s remuneration. KPMG&#146;s global fees relating to the years ended December&nbsp;31, 2012 and
December&nbsp;31, 2011 are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:29pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>US$000s</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>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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>2011</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">Audit Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,913</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">1,827</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">Audit-Related Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">116</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">Tax Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">99</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>
<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:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,047</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></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>
<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="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The nature of each category of fees is described below. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Audit Fees </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit
fees for professional services rendered by the external auditors for the audit of the Registrant&#146;s consolidated financial statements; statutory audits of the financial statements of the Registrant&#146;s subsidiaries; quarterly reviews of the
Registrant&#146;s financial statements; consultations as to the accounting or disclosure treatment of transactions reflected in the financial statements; and services associated with registration statements, prospectuses, periodic reports and other
documents filed with securities regulators. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit fees for professional services rendered by the external auditors for the audit of the
Registrant&#146;s consolidated financial statements were in respect of an &#147;integrated audit&#148; performed by KPMG LLP globally. The integrated audit encompasses an opinion on the fairness of presentation of the Registrant&#146;s financial
statements as well as an opinion on the effectiveness of the Registrant&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Audit-Related Fees </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit-related fees for professional services rendered by the auditors for financial audits of employee benefit plans; procedures and audit or attest
services not required by statute or regulation; and consultations related to the Registrant&#146;s IFRS transition and the accounting or disclosure treatment of other transactions. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Tax Fees </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax
fees for professional services rendered for tax compliance and tax advice. These services consisted of: tax compliance, including the review of tax returns; assistance in completing routine tax schedules and calculations; and advisory services
relating to domestic and international taxation. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>OFF-BALANCE SHEET ARRANGEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2012, we did not have any off-balance sheet arrangements, as defined by applicable securities regulators in Canada and the United
States, that have, or are reasonably likely to have, a current or future material effect on our results of operations or financial condition. </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>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tabular disclosure of contractual obligations is made on page 21 of the Registrant&#146;s Management&#146;s Discussion and Analysis for the year ended
December&nbsp;31, 2012, filed as Exhibit 99.2 to this report. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NASDAQ CORPORATE GOVERNANCE </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is subject to corporate governance requirements prescribed under applicable Canadian securities laws, rule and policies. The Company is also
subject to corporate governance requirements prescribed by the listing standards of the NASDAQ Stock Market, and the rules and regulations promulgated by the SEC under the Exchange Act (including those applicable rules and regulations mandated by
the Sarbanes-Oxley Act of 2002). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">NASDAQ Listing Rule 5615(a)(3) permits a foreign private issuer to follow its home country practice in lieu
of certain corporate governance requirements of the NASDAQ Listing Rules. A foreign private issuer that follows a home country practice in lieu of one or more provisions of the NASDAQ Listing Rules is required to disclose in its annual report filed
with the Commission, or on its website, each corporate governance requirement of the NASDAQ Listing Rules that it does not follow and describe the home country practice followed by the issuer in lieu of such NASDAQ corporate governance requirements.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We do not follow NASDAQ Equity Rule 5620(c), but instead follow our home country practice relating to quorum requirements at meetings of
shareholders as more fully described on page 22 of the Registrant&#146;s Annual Information Form for the year ended December&nbsp;31, 2012, filed as Exhibit 99.1 to this report. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company believes that there are otherwise no significant differences between its corporate governance policies and those required to be followed by United States domestic issuers listed on the NASDAQ
Stock Market. In particular, in addition to having a separate Audit Committee, the Registrant&#146;s Board of Directors has established a separately-designated Human Resources Committee that materially meets the requirements for a compensation
committee under NASDAQ Listing Rule 5605(d), as currently in force. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is required by National Instrument 58-101 of the Canadian
Securities Administrators, <I>Disclosure of Corporate Governance Practices</I>, to describe its practices and policies with regard to corporate governance in management information circulars that are furnished to the Company&#146;s shareholders in
connection with annual meetings of shareholders. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>UNDERTAKING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the
Commission staff, information relating to: the securities in relation to which the obligation to file an annual report on Form 40-F arises, or transactions in the said securities. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONSENT TO SERVICE OF PROCESS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A Form F-X signed by the Registrant and the Registrant&#146;s agents for service of process: (a)&nbsp;with respect to the Common Shares, was filed with the Commission together with the Form 40-F of the
Registrant on June&nbsp;16, 1995; (b)&nbsp;with respect to the 6.0% Senior Notes due August&nbsp;15, 2015 was filed with the Commission together with the Form F-9 of the Registrant on July&nbsp;21, 2005; (c)&nbsp;with respect to the 5.25% Senior
Notes due March&nbsp;1, 2022 was filed with the Commission together with the Form F-9 of the Registrant on October&nbsp;31, 2011; and (d)&nbsp;with respect to the 3.25% Senior Notes due December&nbsp;15, 2019 was filed with the Commission together
with the Form F-10 of the Registrant on December&nbsp;7, 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">6 </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"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant certifies that it meets all of the requirements for filing on Form 40-F, and has duly caused this annual report to be
signed on its behalf by the undersigned, thereto duly authorized. </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">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR>
<TD VALIGN="top"></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" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">METHANEX CORPORATION</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: March 14, 2013</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"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD VALIGN="top"></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"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <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="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Randy Milner</FONT></TD></TR>
<TR>
<TD VALIGN="top"></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">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President,</FONT></TD></TR>
<TR>
<TD VALIGN="top"></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"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">General Counsel &amp; Corporate Secretary</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">7 </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><U>EXHIBITS </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></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:23pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit<BR>No</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">23.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consent of KPMG LLP</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">31.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification of President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">31.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification of Senior Vice President, Finance and Chief Financial Officer pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">32.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification of President and Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">32.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certification of Senior Vice President, Finance and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><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="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual Information Form of the Registrant dated March 13, 2013</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management&#146;s Discussion and Analysis for the Year Ended December 31, 2012</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">99.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audited Consolidated Financial Statements of the Registrant for the year ended December&nbsp;31, 2012 and the Independent Auditor&#146;s Report thereon</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>d501645dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 23.1 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g501645ex23_1a.jpg" ALT="LOGO">
 </P>
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<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>KPMG LLP</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chartered
Accountants</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">PO Box 10426 777 Dunsmuir Street</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vancouver BC V7Y 1K3</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fax</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Internet</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(604) 691-3000</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(604)
691-3031</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">www.kpmg.ca</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ACCOUNTING FIRM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">To The
Board of Directors of Methanex Corporation </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We consent to the use of our reports, both dated March&nbsp;13, 2013, with respect to the
consolidated financial statements and the effectiveness of internal control over financial reporting included in this annual report on Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We also consent to the incorporation by reference of such reports in the Registration Statements No.&nbsp;333-112624 and No.&nbsp;333-141833 on Form&nbsp;S-8, No.&nbsp;333-177632 on Form F-9 and
No.&nbsp;333-185335 on Form F-10 of the Company. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR>
<TD VALIGN="top">


<IMG SRC="g501645ex23_1b.jpg" ALT="LOGO">
</TD></TR>
<TR>
<TD HEIGHT="8"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chartered Accountants</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vancouver Canada</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;13, 2013</FONT></TD></TR>
</TABLE> <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="17%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>


<TR>
<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">KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (&#147;KPMG
International&#148;), a Swiss entity. KPMG Canada provides services to KPMG LLP.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>d501645dex311.htm
<DESCRIPTION>EX-31.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit 31.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>CERTIFICATION </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, John Floren, certify that: </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%" 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">I have reviewed this annual report on Form 40-F of Methanex 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%" 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">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </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%" 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">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; </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%" 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 issuer&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have: </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">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </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">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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">evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; 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">d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting; 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%" 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 issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s
auditors and the audit committee of issuer&#146;s board of directors (or persons performing the equivalent functions): </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">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial information; 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">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial
reporting. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: March&nbsp;14, 2013 </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="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ JOHN FLOREN</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Floren</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>d501645dex312.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-31.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit 31.2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>CERTIFICATION </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">I, Ian Cameron, certify that: </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%" 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">I have reviewed this annual report on Form 40-F of Methanex 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%" 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">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </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%" 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">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report; </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%" 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 issuer&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have: </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">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </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">designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </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">evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; 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">d)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has
materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting; 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%" 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 issuer&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s
auditors and the audit committee of issuer&#146;s board of directors (or persons performing the equivalent functions): </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">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial information; 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">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial
reporting. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: March&nbsp;14, 2013 </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="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ IAN CAMERON</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ian Cameron</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Finance and Chief Financial Officer</FONT></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>d501645dex321.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-32.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit 32.1 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATION PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18 U.S.C. SECTION 1350, </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AS ADOPTED PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the Annual Report of
Methanex Corporation (the &#147;Company&#148;) on Form 40-F for the year ended December&nbsp;31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, John Floren, President and Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: </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%" 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 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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%" 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 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
</FONT></TD></TR></TABLE> <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="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ JOHN FLOREN</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John Floren</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;14, 2013</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>d501645dex322.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-32.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">Exhibit 32.2 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>CERTIFICATION PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18 U.S.C. SECTION 1350, </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AS ADOPTED PURSUANT TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the Annual Report of
Methanex Corporation (the &#147;Company&#148;) on Form 40-F for the year ended December&nbsp;31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Ian Cameron, Senior Vice President, Finance
and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: </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%" 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 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; 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%" 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 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
</FONT></TD></TR></TABLE> <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="100%"></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ IAN CAMERON</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ian Cameron</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Finance and Chief Financial Officer</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;14, 2013</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>d501645dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <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="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g501645ex99_1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANEX CORPORATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ANNUAL INFORMATION FORM </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>www.methanex.com </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>March&nbsp;13, 2013 </B></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>TABLE OF CONTENTS </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="96%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>REFERENCE INFORMATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CAUTION REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BUSINESS OF THE COMPANY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">Overview of the Business</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DEVELOPMENT OF THE BUSINESS AND CORPORATE STRATEGY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">Our Strategy</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">7</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Global Leadership</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">7</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Low Cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">8</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operational Excellence</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANOL INDUSTRY INFORMATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">General</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">9</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Demand Factors</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">9</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Supply Factors</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">12</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanol Prices</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRODUCTION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>13</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">Production Process</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">13</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operating Data and Other Information</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">13</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MARKETING</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DISTRIBUTION AND LOGISTICS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NATURAL GAS SUPPLY</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">General</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">15</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">15</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trinidad</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">16</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Egypt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">16</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">16</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">16</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">United States</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOREIGN OPERATIONS AND GOVERNMENT REGULATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>17</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">General</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">17</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">18</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trinidad</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">18</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">18</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Egypt</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">18</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RESPONSIBLE CARE</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ENVIRONMENTAL MATTERS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>19</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">Management of Emissions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INSURANCE</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMPETITION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EMPLOYEES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RISK FACTORS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DIVIDENDS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CAPITAL STRUCTURE</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RATINGS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MARKET FOR SECURITIES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DIRECTORS AND EXECUTIVE OFFICERS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>24</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXPERTS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>LEGAL PROCEEDINGS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AUDIT COMMITTEE INFORMATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></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">The Audit Committee Charter</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">26</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Composition of the Audit Committee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">26</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Relevant Education and Experience</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">26</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Pre-Approval Policies and Procedures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">27</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit and Non-Audit Fees Billed by the Independent Auditors</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&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">27</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TRANSFER AGENT AND REGISTRAR</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTROLS AND PROCEDURES</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CODE OF ETHICS</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ADDITIONAL INFORMATION</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>28</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>APPENDIX &#147;A&#148;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="top" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></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">2 </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>REFERENCE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this Annual Information Form (&#147;AIF&#148;), a reference to the &#147;Company&#148; refers to Methanex Corporation and a reference
to &#147;Methanex,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and similar words refers to the Company and its subsidiaries or any one of them as the context requires, as well as their respective interests in joint ventures and
partnerships. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We use the United States dollar as our reporting currency. Accordingly, unless otherwise indicated, all dollar
amounts in this AIF are stated in United States dollars. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">In this AIF, unless the context otherwise
indicates, all references to &#147;methanol&#148; are to chemical-grade methanol. Methanol&#146;s chemical formula is
CH</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">3</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">OH and it is also known as methyl alcohol. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In this AIF, we incorporate by reference our 2012 Management&#146;s Discussion and Analysis (&#147;2012 MD&amp;A&#148;), which
contains information required to be included in this AIF. The 2012 MD&amp;A is publicly accessible and is filed on the Canadian Securities Administrators&#146; SEDAR website at <U>www.sedar.com</U> and on the United States Securities and Exchange
Commission&#146;s EDGAR website at <U>www.sec.gov</U>. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The approximate conversion of measurement used in this AIF is as follows:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 tonne of methanol&nbsp;=&nbsp;332.6 US gallons of methanol </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Some of the historical price data and supply and demand statistics for methanol and certain other industry data contained in this AIF are
derived by the Company from industry consultants or from recognized industry reports regularly published by independent consulting and data compilation organizations in the methanol industry, including IHS Inc., Jim Jordan&nbsp;&amp; Associates,
Tecnon OrbiChem Ltd., Argus DeWitt and Consensus Economics Inc. Industry consultants and industry publications generally state that the information provided has been obtained from sources believed to be reliable. We have not independently verified
any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon in these reports. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT
STYLE="font-family:Times New Roman" SIZE="2">Responsible Care<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</SUP></FONT> is a registered trademark of the Chemistry
Industry Association of Canada and is used under license by us. </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>


<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>CAUTION REGARDING FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This document contains forward-looking statements with respect to us and our industry. These statements relate to future events or our
future performance. All statements other than statements of historical fact are forward-looking statements. Statements that include the words &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;potential,&#148; &#147;estimates,&#148; &#147;anticipates,&#148; &#147;aim&#148;, &#147;goal&#148;&nbsp;or other comparable terminology and similar statements of a future or forward-looking nature identify forward-looking statements.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">More particularly, and without limitation, any statements regarding the following are forward-looking statements: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected demand for methanol and its derivatives, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected new methanol supply or restart of idled capacity and timing for start-up of the same, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected shutdowns (either temporary or permanent) or restarts of existing methanol supply (including our own facilities), including, without
limitation, the timing and length of planned maintenance outages, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected methanol and energy prices, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected levels of methanol purchases from traders or other third parties, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected levels, timing and availability of economically priced natural gas supply to each of our plants, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">capital committed by third parties towards future natural gas exploration and development in the vicinity of our plants, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">our expected capital expenditures, including, without limitation, those to support natural gas exploration and development for our plants and the
restart of our idled methanol facilities, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">anticipated production rates of our plants, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected operating costs, including natural gas feedstock costs and logistics costs, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected tax rates or resolutions to tax disputes, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected cash flows, earnings capability and share price, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">ability to meet covenants or obtain waivers associated with our long-term debt obligations, including, without limitation, the Egypt limited recourse
debt facilities that have conditions associated with finalization of certain
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="53" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#000000">&nbsp;</FONT></TD>
<TD WIDTH="1"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
land title registration and related mortgages that require actions by Egyptian governmental entities, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">availability of committed credit facilities and other financing, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">our shareholder distribution strategy and anticipated distributions to shareholders, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">commercial viability and timing of, or our ability to execute, future projects, plant restarts, capacity expansions, plant relocations, or other
business initiatives or opportunities, including the planned relocation of one of our idle Chile methanol plants to Geismar, Louisiana (&#147;Geismar&#148;) and certain initiatives in New Zealand and Canada, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">our financial strength and ability to meet future financial commitments, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected global or regional economic activity (including industrial production levels), </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected outcomes of litigation or other disputes, claims and assessments, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected actions of governments, government agencies, gas suppliers, courts, tribunals or other third parties, and </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">expected impact on our operations in Egypt or our financial condition as a consequence of civil unrest or actions taken or inaction by the Government
of Egypt and its agencies. </FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe that we
have a reasonable basis for making such forward-looking statements. The forward-looking statements in this document are based on our experience, our perception of trends, current conditions and expected future developments as well as other factors.
Certain material factors or assumptions were applied in drawing the conclusions or making the forecasts or projections that are included in these forward-looking statements, including, without limitation, future expectations and assumptions
concerning the following: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">supply of, demand for, and price of, methanol, methanol derivatives, natural gas, coal, oil and oil derivatives, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the success of our natural gas exploration and development in Chile and New Zealand and our ability to procure economically priced natural gas in
Chile, New Zealand, Trinidad, Canada and the United States, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">production rates of our facilities, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">receipt of remaining required permits in connection with the Geismar project,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">receipt or issuance of third-party consents or approvals, including, without limitation, governmental registrations of land title and related mortgages
in Egypt, governmental approvals related to natural gas exploration rights or rights to purchase natural gas, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">receipt of governmental approvals related to natural gas exploration rights, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the establishment of new fuel standards,
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

 <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>


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

 <DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">operating costs including natural gas feedstock and logistics costs, capital costs, tax rates, cash flows, foreign exchange rates and interest rates,
</FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the availability of committed credit facilities and other financing, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">timing of completion and cost of the Geismar project and our initiatives to increase production in New Zealand and Canada,
</FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">global and regional economic activity (including industrial production levels), </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">absence of a material negative impact from major natural disasters,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">absence of a material negative impact from changes in laws or regulations, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">absence of a material negative impact from political instability in the countries in which we operate, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">enforcement of contractual arrangements and ability to perform contractual obligations by customers, natural gas and other suppliers and other third
parties, and </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">satisfaction of conditions precedent contained in the Geismar project natural gas supply agreement.
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">However, forward-looking statements, by their nature, involve risks and uncertainties that
could cause actual results to differ materially from those contemplated by the forward-looking statements. The risks and uncertainties primarily include those attendant with producing and marketing methanol and successfully carrying out major
capital expenditure projects in various jurisdictions, including, without limitation: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">conditions in the methanol and other industries including fluctuations in the supply, demand for and price of methanol and its derivatives, including
demand for methanol for energy uses, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the price of natural gas, coal, oil and oil derivatives, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the success of natural gas exploration and development activities in southern Chile and New Zealand and our ability to obtain any additional gas in
Chile and New Zealand on commercially acceptable terms, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the ability to successfully carry out corporate initiatives and strategies, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">actions of competitors, suppliers and financial institutions, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">conditions within the natural gas delivery systems that may prevent delivery of our natural gas supply requirements, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">competing demand for natural gas, especially with respect to domestic needs for gas and electricity in Chile and Egypt,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">actions of governments and governmental authorities, including, without limitation, the implementation of policies or other measures that could impact
the supply of or demand for methanol or its derivatives, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in laws or regulations, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">import or export restrictions, anti-dumping measures, increases in duties, taxes and government royalties, and other actions by governments that may
adversely affect our operations or existing contractual arrangements, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">worldwide economic conditions, </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">satisfaction of conditions precedent contained in the Geismar project natural gas supply agreement, and </FONT></P></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="27"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="26" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">other risks described in the 2012 Management&#146;s Discussion and Analysis.
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Having in mind these and other factors, investors and other readers are cautioned not to
place undue reliance on forward-looking statements. They are not a substitute for the exercise of one&#146;s own due diligence and judgment. The outcomes anticipated in forward-looking statements may not occur and we do not undertake to update
forward-looking statements except as required by applicable securities laws. </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" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Methanex Corporation was incorporated under the laws of Alberta on March&nbsp;11, 1968 and was continued under the <I>Canada Business Corporations Act </I>on March&nbsp;5, 1992. Its registered and head
office is located at 1800 Waterfront Centre, 200 Burrard Street, Vancouver, British Columbia, V6C&nbsp;3M1 (telephone: 604-661-2600). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following chart includes the Company&#146;s principal operating subsidiaries as of December&nbsp;31, 2012 and, for each subsidiary, its place of organization and the Company&#146;s percentage of
voting interests beneficially owned or over which control or direction is exercised. The chart also shows our principal production facilities and their locations. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&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>BUSINESS OF THE COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Overview of the Business </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanol is a clear liquid commodity chemical
that is predominantly produced from natural gas and also, particularly in China, from coal. Approximately two-thirds of all methanol demand is used to produce traditional chemical derivatives, including formaldehyde, acetic acid and a variety of
other chemicals that form the basis of a large number of chemical derivatives for which demand is influenced by levels of global economic activity. The remaining one-third of methanol demand comes from energy-related applications. There has been
strong demand growth for direct methanol blending into gasoline, as a feedstock in the production of dimethyl ether (DME), which can be blended with liquefied petroleum gas for use in household cooking and heating, and in the production of
biodiesel. Methanol is also used to produce methyl tertiary-butyl ether (MTBE), a gasoline component, and olefins. This latter use is emerging as a significant methanol demand driver. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are the world&#146;s largest supplier of methanol to the major international markets in Asia Pacific, North America, Europe and Latin
America. Our total annual production capacity, including Methanex equity interests in jointly owned plants, is currently 9.5&nbsp;million tonnes and is located in New Zealand, Trinidad, Egypt, Canada and Chile. We are currently relocating one of our
Chile facilities to Geismar, Louisiana and we expect the relocated facility will be operational by the end of 2014. We have marketing rights for 100% of the production from the jointly owned plants in Trinidad and Egypt and this provides us with an
additional 1.2&nbsp;million tonnes per year of methanol offtake supply when the plants are operating at full capacity. In addition to the methanol produced at our sites, we purchase methanol produced by others under methanol offtake contracts and on
the spot market. This gives us flexibility in managing our supply chain while continuing to meet customer needs and support our marketing efforts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our operations consist of the production and sale of methanol, which constitutes a single operation segment. Revenue, sales volumes and production volumes for each of the last two years can be found under
Financial Highlights in our 2012 MD&amp;A. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DEVELOPMENT OF THE BUSINESS AND CORPORATE STRATEGY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our Strategy </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our
primary objective is to create value by maintaining and enhancing our leadership in the global production, marketing and delivery of methanol to customers. Our simple, clearly defined strategy &#150; global leadership, low cost and operational
excellence &#150; has helped us achieve this objective. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Global Leadership </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Global leadership is a key element of our strategy. We are focused on maintaining and enhancing our position as the major supplier to the
global methanol industry, enhancing our ability to cost-effectively deliver methanol supply to customers and supporting both traditional and energy-related global methanol demand growth. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are the leading supplier of methanol to the major international markets in Asia Pacific, North America, Europe and Latin America. Our
2012 sales volumes of 7.5&nbsp;million tonnes represented approximately 15% of global methanol demand. Our leadership position has enabled us to play an important role in the industry, which includes publishing Methanex reference prices that are
generally used in each major market as the basis of pricing for most customer contracts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The geographically diverse locations
of our production sites allow us to deliver methanol cost-effectively to customers in all major global markets, while investments in global distribution and supply infrastructure, which include a dedicated fleet of ocean-going vessels and terminal
capacity within all major international markets, enable us to enhance value to customers by providing reliable and secure supply. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">A key component of our global leadership strategy is to strengthen our asset position and we have increased our operating capacity over the last two years. In 2011, we restarted our 0.5&nbsp;million tonne
per year Medicine Hat, Alberta facility and the 1.3&nbsp;million tonne per year methanol plant in Egypt commenced operations. In 2012, we restarted a second facility in New Zealand and this increased our operating capacity in that country by
0.7&nbsp;million tonnes. We have several other initiatives in progress in New Zealand that are expected to increase our operating capacity further and allow us to reach the site&#146;s full production capacity of 2.4&nbsp;million tonnes. Our New
Zealand facilities are ideally situated to supply the growing Asia Pacific market. </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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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2012, we operated our Chile methanol facilities significantly below site capacity. We
expect to idle our Chile operations in March 2013 due to insufficient natural gas feedstock to operate the plant through the southern hemisphere winter. We are in the process of relocating one of our four Chile facilities to Geismar, Louisiana. The
Geismar facility will have an annual production capacity of approximately 1.0&nbsp;million tonnes and is expected to be operational by the end of 2014. We are also considering other projects to increase the utilization of our Chile assets, including
the potential to relocate an additional facility to the Geismar site. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Another key component of our global leadership strategy
is our ability to supplement methanol production with methanol purchased from third parties to give us flexibility in our supply chain and continue to meet customer commitments. We purchase through a combination of methanol offtake contracts and
spot purchases. We manage the cost of purchased methanol by taking advantage of our global supply chain infrastructure, which allows us to purchase methanol in the most cost-effective region while still maintaining overall security of supply.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Asia Pacific region continues to lead global methanol demand growth and we have invested in and developed our presence in
this important region. We have storage capacity in China, Korea and Japan that allows us to cost-effectively manage supply to customers and we have offices in Hong Kong, Shanghai, Beijing, Seoul and Tokyo to enhance customer service and industry
positioning in the region. This enables us to participate in and improve our knowledge of the rapidly evolving and high growth methanol markets in China and other Asian countries. Our expanding presence in Asia has also helped us identify several
opportunities to support the development of applications for methanol in the energy sector. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Low Cost </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A low cost structure is an important competitive advantage in a commodity industry and is a key element of our strategy. Our approach to
major business decisions is guided by a drive to improve our cost structure, expand margins and create value for shareholders. The most significant components of total costs are natural gas for feedstock and distribution costs associated with
delivering methanol to customers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our ownership interest in production facilities in Trinidad and Egypt represents
2.8&nbsp;million tonnes per year of competitive-cost production capacity. These facilities are well located to supply global methanol markets and are underpinned by natural gas purchase agreements where the gas price varies with methanol prices.
This pricing relationship enables these facilities to be competitive throughout the methanol price cycle. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In January 2013, we
entered into a 10-year agreement to purchase all of the natural gas required for the methanol plant we are relocating to Geismar, Louisiana. The agreement is structured so that the natural gas price is linked to the methanol price, which will enable
the project to be profitable across a broad range of methanol prices. We also have a 0.5&nbsp;million tonne facility located in Medicine Hat, Alberta, and we believe that the long-term natural gas dynamics in North America will support the long-term
operation of this facility. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The cost to distribute methanol from production locations to customers is also a significant
component of total operating costs. These include costs for ocean shipping, in-market storage facilities and in-market distribution. We are focused on identifying initiatives to reduce these costs, including optimizing the use of our shipping fleet
and taking advantage of prevailing conditions in the shipping market by varying the type and length of term of ocean vessel contracts. We are continuously investigating opportunities to further improve the efficiency and cost-effectiveness of
distributing methanol from our production facilities to customers. We also look for opportunities to leverage our global asset position by entering into product exchanges with other methanol producers to reduce distribution costs. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operational Excellence </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We maintain a focus on operational excellence in all aspects of our business. This includes excellence in the manufacturing and supply
chain processes, marketing and sales, human resources, corporate governance practices and financial management. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">To
differentiate ourselves from competitors, we strive to be the best operator in all aspects of our business and to be the preferred supplier to customers. We believe that reliability of supply is critical to the success of our customers&#146;
businesses and our goal is to deliver methanol reliably and cost-effectively. We have a commitment to Responsible Care (a risk-minimization approach developed by the Chemistry Industry Association of Canada) and we use it as the umbrella under which
we manage issues related to health, safety, the environment, community involvement, social responsibility, sustainability, security and emergency preparedness at each of our facilities and locations. We believe a commitment to Responsible Care helps
us reduce the likelihood of unplanned events and achieve an excellent overall environmental and safety record. </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; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Product stewardship is a vital component of a Responsible Care culture and guides our
actions through the complete life cycle of our product. We aim for the highest safety standards to minimize risk to employees, customers and suppliers as well as to the environment and the communities in which we do business. We promote the proper
use and safe handling of methanol at all times through a variety of internal and external health, safety and environmental initiatives, and we work with industry colleagues to improve safety standards. We readily share technical and safety expertise
with key stakeholders, including customers, end-users, suppliers, logistics providers and industry associations in the methanol and methanol applications marketplace through active participation in local and international industry associations,
seminars and conferences, and online education initiatives. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a natural extension of the Responsible Care ethic, we have a
Social Responsibility policy that aligns corporate governance, employee engagement and development, community involvement and social investment strategies with our core values and corporate strategy. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our strategy of operational excellence also includes the financial management of the Company. We operate in a highly competitive
commodity industry. Accordingly, we believe it is important to maintain financial flexibility and we have adopted a prudent approach to financial management. During 2012, we issued a total of $600 million of unsecured notes and a portion of the
proceeds was used to repay $200 million of unsecured notes. Also during 2012, we extended the maturity on our undrawn revolving credit facility to 2016 and increased the amount to $400 million. At December&nbsp;31, 2012, we had a strong balance
sheet with a cash balance of $746 million, including $36 million relating to the non-controlling interest in Egypt. We believe we are well positioned to meet our financial commitments and continue investing to grow the Company. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANOL INDUSTRY INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2012, approximately 65% of all methanol was used to produce
formaldehyde, acetic acid and a variety of other traditional chemical derivatives, for which demand is influenced by levels of global economic activity. These derivatives are used to manufacture a wide range of end products, including plywood,
particleboard, foams, resins and plastics. The remainder of methanol demand comes from the energy sector, principally in fuels applications (direct blending into gasoline and cooking fuels), and as a feedstock in the production of DME, biodiesel and
MTBE. We consider the emerging demand for methanol-to-olefins (MTO) to be another energy application of methanol as methanol can be cost competitive relative to the traditional production of olefins from naphtha. The demand for methanol into energy
applications is primarily influenced by global energy prices. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The methanol market is global and, over the last several years,
has become more complex and subject to increasingly diverse influences due to the expanding number of uses for methanol and its derivatives around the world, combined with volatile global energy prices and significant increases to capital costs for
new methanol plants. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We estimate that 2012 demand for methanol was 51&nbsp;million tonnes. See Demand Factors below for more
information. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Refer to the Risk Factors and Risk Management section of our 2012 MD&amp;A for more information regarding risks
related to methanol demand. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Demand Factors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Reflecting the diversity of its uses, methanol demand is influenced by a wide range of economic, industrial, environmental, legal, regulatory and other factors, including energy prices due to the growing
use of methanol in energy applications. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We estimate that global demand for methanol in 2012, excluding methanol produced in
integrated MTO facilities, increased by about 5% to approximately 51&nbsp;million tonnes. This increase was driven primarily by growth in Asia, particularly in China, in both traditional chemical derivatives and energy applications. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Overall, energy demand accounted for nearly 60% of the annual 2012 growth and grew by 9% year-over-year, while traditional chemical
derivatives accounted for the remainder of the annual 2012 growth and grew by 4% year-over-year. </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%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I></I></B><B></B><B><I>Traditional Chemical Derivative
Demand</I></B><B></B><B><I></I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Historically, demand growth for methanol in chemical derivatives has been closely
correlated to economic and industrial production growth rates. The use of methanol derivatives such as formaldehyde and acetic acid in the building industry means that building and construction cycles and the level of wood products production,
housing starts, refurbishments and consumer spending are important factors in determining demand for such derivatives. Demand is also affected by automobile production, durable goods production, industrial investment and environmental and health
trends, as well as new product development. Historically, chemical derivative demand for methanol has been relatively insensitive to changes in methanol prices. We believe this demand inelasticity is due to the fact that there are few cost-effective
substitutes for methanol-based chemical derivative products and because methanol costs in most cases account for only a small portion of the value of many of the end products. In 2012, chemical derivative demand represented approximately 65% of
total global demand. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Formaldehyde Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In 2012, methanol demand for the production of formaldehyde represented approximately 32% of global methanol demand. The largest use for formaldehyde is as a component of urea-formaldehyde and
phenol-formaldehyde resins, which are used as wood adhesives for plywood, particleboard, oriented strand board, medium-density fibreboard and other reconstituted or engineered wood products. There is also demand for formaldehyde as a raw material
for engineering plastics and in the manufacture of a variety of other products, including elastomers, paints, building products, foams, polyurethane and automotive products. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Acetic Acid Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2012, methanol used to produce acetic acid was
approximately 11% of global methanol demand. Acetic acid is a chemical intermediate used principally in the production of vinyl acetate monomer, acetic anhydride, purified terephthalic acid and acetate solvents, which are used in a wide variety of
products, including adhesives, paper, paints, plastics, resins, solvents, pharmaceuticals and textiles. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Other Chemical
Derivative Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The remaining chemical derivative demand for methanol is in the manufacture of methylamines, methyl
methacrylate and a diverse range of other chemical products that are ultimately used to make products such as adhesives, coatings, plastics, film, textiles, paints, solvents, paint removers, polyester resins and fibres, explosives, herbicides,
pesticides and poultry feed additives. Other end uses include silicone products, aerosol products, de-icing fluid, windshield washer fluid for automobiles and antifreeze for pipeline dehydration. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Energy and Other Chemical Demand</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There are several energy-related uses for methanol that have developed more recently and many of these have experienced substantial growth. We believe that these energy-related uses have significant
potential to grow further, particularly in an environment of higher energy prices. These include direct blending of methanol into gasoline (primarily in China), DME and biodiesel. In addition, due to favourable economics, methanol-to-olefins (MTO)
is rapidly emerging in China as a competitive alternative to naphtha for producing olefins. Methanol has also been used to make MTBE, a gasoline additive, for many years. While methanol demand in energy-related applications is strongest in China, an
increasing number of countries around the world have projects in place or are considering adopting these applications on a wider scale. We believe demand potential into energy-related applications, including olefins production, will continue to
grow. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In 2012, methanol demand for energy-related uses continued to grow in a favourable energy demand environment and
represented approximately 35% of total global methanol demand. This demand was comprised of methanol for the production of MTBE, which represented about 12% of total 2012 demand, while other energy applications, including direct blending of methanol
into gasoline, DME, biodiesel, and merchant MTO (i.e. non-integrated projects) accounted for approximately 23% of total 2012 demand. Merchant MTO and fuel blending were the fastest-growing end-use segments for methanol in 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">10 </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"><I>Methanol Demand for Fuel </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanol may be blended into gasoline for use as a transportation fuel to reduce reliance on imported oil products and due to its clean
air benefits and competitive pricing relative to gasoline. Methanol-gasoline blending in China has grown rapidly over the last several years. In addition, smaller quantities of methanol are also used directly as a cooking fuel. In 2012, we estimate
that methanol demand for these fuel applications in China was approximately 6.0&nbsp;million tonnes. Chinese demand for methanol blending into gasoline has remained strong due to the favourable economics of methanol compared to other gasoline
components. In addition, automobile sales in China and thus gasoline demand have remained healthy. China&#146;s federal and provincial governments have implemented a range of fuel-blending standards for methanol that promote the use of methanol as a
fuel. Direct methanol blending into gasoline is being used in small quantities in the United Kingdom, Netherlands and Iceland, and other countries, including Australia and Israel, are conducting fuel-blending trials. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Methanol-to-Olefins (MTO) Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Light olefins (ethylene and propylene) are the basic building blocks used to make many plastics that have wide application in packaging, textiles, plastic parts and containers and automotive components.
Olefins can be produced from various feedstocks, including naphtha, LPG, ethane and methanol. In China, olefins have historically been produced using naphtha, an oil product. Over the past two years, methanol demand into olefins has emerged as a
significant new energy derivative for methanol. China is leading the commercialization of MTO, and at current energy prices, the process is cost competitive relative to the traditional production of olefins from naphtha. The first MTO plant in China
started up in 2010, and there are now five plants operating in China, with the capacity to consume over seven million tonnes of methanol annually. Three of these plants were not expected to impact the merchant methanol market as they are integrated
coal-to-methanol-to-olefins projects. However, over the past two years, these integrated plants have purchased merchant methanol to supplement their own methanol production.&nbsp;The&nbsp;two non-integrated plants (representing over two million
tonnes of total methanol demand annually) are&nbsp;dependent on merchant methanol supply. Several other integrated and non-integrated projects are currently under construction in China&nbsp;and the demand for MTO is anticipated to continue to grow.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>DME Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">DME is a clean-burning fuel that can be stored and transported like liquefied petroleum gas (LPG) and is often described as &#147;synthetic LPG&#148;. DME, which is typically produced from methanol, can
be blended up to approximately 20% with&nbsp;LPG and used for household cooking and heating. We believe that DME demand for blending into LPG will remain steady in the coming years, particularly in China and in an environment of higher energy
prices. DME can also be used as a clean-burning substitute for diesel fuel in transportation. However, while the technology for using DME as a diesel fuel substitute is well advanced, it has not yet entered widespread commercialization. In 2011, the
new &#147;DME as city gas&#148; national standard was implemented in China to support the country&#146;s DME industry. In 2012, global methanol demand for use in DME was estimated at approximately 3.7&nbsp;million tonnes. In addition to DME
production in China, DME is being produced and DME projects are under development in other countries including Japan, Taiwan, Turkey, Trinidad, the United States, India and Indonesia. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Biodiesel Demand </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Biodiesel is a renewable fuel made from plant oils or animal fats that requires an alcohol, such as methanol, as part of the production process. In addition, methanol is used to manufacture the catalyst
employed to produce biodiesel. In 2012, global demand for methanol use in biodiesel was estimated at 2.1&nbsp;million tonnes. We expect future growth in biodiesel will be driven primarily by government programs to promote energy self-sufficiency and
renewable alternatives to petroleum fuels. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>MTBE Demand </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">MTBE is used primarily as an oxygenate blended in gasoline to contribute octane and reduce the amount of harmful exhaust emissions from
motor vehicles.&nbsp;MTBE is an efficient and cost-competitive gasoline component and, as such, is increasingly used in developing countries targeting gasoline pool extension and clean air benefits at a cost lower than that of alternatives. Asia
represents the majority of global MTBE demand with China being a significant and growing market. China is now the world&#146;s largest automotive market and the combination of its growing gasoline demand as well as China&#146;s desire to reduce
exhaust emissions is driving new MTBE capacity additions. In Europe, MTBE demand remains impacted by the promotion of alternative oxygenates such as ETBE.&nbsp;In the US, MTBE production continues to increase for export markets as idled assets are
restarted to take advantage of competitive feedstock prices. We believe that global demand for MTBE will experience positive growth over the coming years. </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>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Regulatory Developments Affecting Demand</I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There are various studies and legislative proposals currently under way in a number of countries with respect to the carcinogenicity
classification of, and the reduction of permitted exposure levels for, methanol, formaldehyde and MTBE. Such studies and proposals could lead to regulatory or other actions that could materially reduce demand for methanol. Refer to the Risk Factors
and Risk Management section of our 2012 MD&amp;A for more information regarding risks to methanol demand related to regulatory developments. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Supply Factors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">While a
significant amount of new methanol capacity has come on stream over the past several years, a large number of methanol producers with higher cost structures have shut down plants. Methanol is predominantly produced from natural gas and is also
produced from coal, particularly in China. In addition, the industry has historically operated significantly below stated capacity on a consistent basis, even in periods of high methanol prices, due primarily to shutdowns for planned and unplanned
repairs and maintenance as well as shortages of feedstock and other production inputs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Newer world-scale methanol plants have
generally been constructed in remote coastal locations with access to lower cost feedstock, although this advantage is sometimes offset by higher distribution costs due to their distance to major demand markets. As regional natural gas prices
fluctuate and shipping costs escalate, there may be a greater incentive to build new methanol capacity closer to customers in major markets. There is typically a span of four to six years to plan and construct a new world-scale methanol plant. As
well, additional methanol supply can potentially become available by restarting methanol plants whose production has been idled, relocating methanol plants to lower production cost locations, carrying out major expansions of existing plants and
de-bottlenecking existing plants to increase their production capacity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Typical of most commodity chemicals, periods of high
methanol prices encourage high-cost producers to operate at maximum rates and also encourage the construction of new plants and expansion projects, leading to the possibility of oversupply in the market. However, historically, many of the announced
capacity additions have not been constructed for a variety of reasons. There are significant barriers to entry in this industry. The construction of world-scale methanol facilities requires significant capital over a long lead time, a location with
access to significant natural gas or coal feedstock with appropriate pricing, and an ability to cost-effectively and reliably deliver methanol to customers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">During 2012, there were two significant methanol production capacity additions outside of China that totalled approximately 1.4&nbsp;million tonnes per year; our own Motunui plant restart in New Zealand
(0.7 million tonnes) and the restart of a plant in Beaumont, Texas (0.7 million tonnes). Over the next two-year period to the end of 2014, it is projected that new methanol capacity, restarts and expansions outside of China will
add&nbsp;approximately 3.0&nbsp;million tonnes of annual capacity to the global industry. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to China, we estimate
that approximately 6.0&nbsp;million tonnes of net new capacity was added in 2012. Over the next two-year period to the end of 2014, we anticipate that approximately 5.0&nbsp;million tonnes of net new capacity (not including integrated MTO
production) will be added to meet growing domestic methanol demand in China. The Chinese methanol industry has historically operated at low rates due to various constraints related to feedstock availability, weather restrictions (typically during
winter) and technical/operational issues. Historically, there has been increasing pressure on the Chinese methanol industry&#146;s cost structure as a result of escalating feedstock costs for both coal and natural-gas-based producers, although coal
prices in 2012 declined due to adequate supply and soft demand as a result of the general economic downturn. We believe that in an environment of high global energy prices and growing industrial production, methanol demand in China should continue
to grow at healthy rates. We believe that this demand growth will more than offset increases of domestic production in China and thus anticipate that imports of methanol into China will continue to grow over the coming period. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Methanol Prices </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
methanol business is a highly competitive commodity industry and prices are affected by supply and demand fundamentals. Methanol prices have historically been, and are expected to continue to be, characterized by cyclicality. New methanol plants are
expected to be built and this will increase overall production capacity. Additional methanol supply can also become available in the future by restarting idle methanol plants, carrying out major expansions of existing plants or debottlenecking
existing plants to increase their production capacity. Historically, higher-cost plants have been shut down or idled when methanol prices are low, but there can be no assurance that this practice will occur in the future. Demand for methanol largely
depends upon levels of global industrial production, changes in general economic conditions and energy prices. </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">12 </FONT></P>



<p Style='page-break-before:always'>
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 <P>&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g501645ex99_pg013new.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are not able to predict future methanol supply and demand balances, market conditions, global
economic activity, methanol prices or energy prices, all of which are affected by numerous factors beyond our control. Since methanol is the only product we produce and market, a decline in the price of methanol would have an adverse effect on our
results of operations and financial condition. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PRODUCTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Production Process </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The methanol manufacturing process used in our
facilities typically involves heating natural gas, mixing it with steam and passing it over a nickel catalyst where the mixture is converted into carbon monoxide, carbon dioxide and hydrogen. This reformed gas (also known as synthesis gas or syngas)
is then cooled, compressed and passed over a copper-zinc catalyst to produce crude methanol. Crude methanol consists of approximately 80% methanol and 20% water by weight. To produce chemical-grade methanol, crude methanol is distilled to remove
water, higher alcohols and other impurities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Operating Data and Other Information </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We endeavour to operate our production facilities around the world in an optimal manner to lower our overall delivered cost of methanol.
Scheduled shutdowns of plants typically occur every three or more years and are necessary to change catalysts or perform maintenance activities that cannot otherwise be completed with the plant operating (a process commonly known as a turnaround),
and these shutdowns typically take between three and five weeks. Catalysts generally need to be changed every three to six years depending on technology, although there is flexibility to extend catalyst life if conditions warrant. Careful planning
and scheduling is required to ensure that maintenance and repairs can be carried out during turnarounds. In addition, both scheduled and unscheduled shutdowns may also occur between turnarounds. We prepare an eight-year turnaround plan that is
updated annually for all of our production facilities. </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">13 </FONT></P>



<p Style='page-break-before:always'>
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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 following table sets forth the annual production capacity and actual production for our
facilities that operated for the last two years (in the case of Atlas and Egypt, the table reflects our equity interest share of 63.1% and 60%, respectively): </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></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>Year&nbsp;Built</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>Annual<BR>Production</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Capacity<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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>2012</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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>2011</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">(000&nbsp;tonnes/year)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">(000&nbsp;tonnes)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">(000&nbsp;tonnes)</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"><B>Chile</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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">Chile I</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1988</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">882</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile III</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1999</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">1,088</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">554</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile IV</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2005</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">840</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</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"></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>
<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>
<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 BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trinidad</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"></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">Titan</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2000</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">875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">786</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">711</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Atlas</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2004</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">1,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">826</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">891</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"></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>
<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>
<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:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>New Zealand</B></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Motunui 1</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1985</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">950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Motunui 2</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1985</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">950</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">731</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">830</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Waitara Valley</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1983</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">530</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</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"></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>
<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>
<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:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Egypt</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2011</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">760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">557</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">532</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"></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>
<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>
<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 BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>North America</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></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">Medicine Hat, Canada</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1981</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">470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">481</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">329</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:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Geismar, United States</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</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">990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">&#151;&nbsp;&nbsp;</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"></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>
<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>
<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:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>9,460</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4,071</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3,847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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>
<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>
<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="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">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The annual production capacity of our production facilities may be higher than original nameplate capacity as, over time, these figures have been adjusted to reflect
ongoing operating efficiencies at these facilities.&nbsp;Actual production for a facility in any given year may be higher or lower than annual production capacity due to a number of factors, including natural gas composition or the age of the
facility&#146;s catalyst. </FONT></TD></TR></TABLE>
<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">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Due to the current distillation capacity constraints at the Motunui site, the current operating capacity of both plants is approximately 1.5&nbsp;million tonnes, which
is lower than the combined production capacity shown above of 1.9&nbsp;million tonnes, depending on natural gas composition. We recently announced our commitment to debottleneck the Motunui facility and restart the Waitara Valley facility by the end
of 2013. </FONT></TD></TR></TABLE>
<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">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Medicine Hat facility was restarted in April 2011. </FONT></TD></TR></TABLE>
<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">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In July 2012, we reached a final investment decision to relocate the Chile II facility to Geismar, Louisiana in the United States. The Geismar facility is expected to
commence operations by the end of 2014. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Refer to the <I>Production Summary</I> section of our 2012 MD&amp;A for
more information. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MARKETING </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We sell methanol on a worldwide basis to every major market through an extensive marketing and distribution system with marketing offices in North America (Vancouver and Dallas), Europe (Brussels), Asia
Pacific (Hong Kong, Shanghai, Tokyo, Beijing and Seoul), Latin America (Santiago), and the Middle East (Dubai). Most of our customers are large global or regional petrochemical manufacturers or distributors. Refer to the Risk Factors and Risk
Management section of our 2012 MD&amp;A for more information regarding customer credit risk. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe our ability to sell
methanol from a number of geographically dispersed production sites enhances our ability to serve major chemical and petrochemical producers as customers for whom reliability of supply and quality of service are important. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to selling methanol that we produce at our own facilities, we also sell methanol that we purchase from other suppliers
through methanol purchase agreements and on the spot market. This provides us with flexibility in our supply chain and allows us to continue to meet customer commitments. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>DISTRIBUTION AND LOGISTICS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All of our methanol production facilities
except Medicine Hat are located adjacent to deepwater ports. Methanol is pumped from our coastal plants by pipeline to these ports for shipping. We currently own or manage a fleet of 18 ocean-going vessels to ship this methanol. We lease or own
in-region storage and terminal facilities in the United States, Canada, Europe, Latin America and Asia. We also use barge, rail and, to a lesser extent, truck transport in our delivery system. </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">14 </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">To retain optimal flexibility in managing our shipping fleet, we have entered into
short-term and long-term time charter agreements covering vessels with a range of capacities. We also ship methanol under contracts of affreightment and through spot arrangements. We use larger vessels as key elements in our supply chain to move
product from our production facilities to storage facilities located in major ports and for direct delivery to some customers. We also use smaller vessels capable of entering into restricted ports to deliver directly to other customers. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The cost to distribute methanol to customers represents a significant component of our operating costs. These include costs for ocean
shipping, storage and distribution. We are focused on identifying initiatives to reduce these costs and we seek to maximize the use of our shipping fleet to reduce costs. We take advantage of prevailing conditions in the shipping market by varying
the type and length of term of ocean vessel charter contracts. We are continuously investigating opportunities to further improve the efficiency and cost-effectiveness of distributing methanol from our production facilities to customers. We also
look for opportunities to leverage our global asset position by entering into product exchanges with other methanol producers to reduce distribution costs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our Atlas and Titan plants in Trinidad are ideally located to supply customers in the United States and Europe. Our plant in New&nbsp;Zealand supplies customers in the Asia Pacific region. Our production
site in Chile can supply all global regions due to its geographic location. Our Egypt plant primarily services our European markets, but can also supply Asia and North America. Our Medicine Hat plant serves our customer base in North America.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>NATURAL GAS SUPPLY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Natural gas is the principal feedstock for methanol at our
production facilities and accounts for a significant portion of our total production costs. Accordingly, our profitability depends in large part on both the security of supply and the price of natural gas. An important part of our strategy is to
ensure long-term security of supply of natural gas feedstock. If, for any reason, we are unable to obtain sufficient natural gas for any of our plants on commercially acceptable terms or there are interruptions in the supply of contracted natural
gas to our facilities, we could be forced to curtail production or close such plants. Refer to the <I>Risk Factors and Risk Management&nbsp;</I>&#150;<I> Security of Natural Gas Supply and Price </I>section of our 2012 MD&amp;A. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Most of the natural gas supply contracts for our production facilities are &#147;take-or-pay&#148; contracts denominated in United States
dollars. &#147;Take-or-pay&#148; means that we are obliged to pay for the gas supply regardless of whether or not we take delivery. Such commitments are typical in the methanol industry. These contracts generally provide for a quantity of gas that
is subject to take-or-pay terms that is lower than the maximum quantity that we are entitled to purchase and for gas which is paid for but not taken to be taken at a subsequent point in time. For all of our production facilities except Medicine Hat,
the natural gas supply contracts have pricing terms with base and variable price components that reduce our commodity price risk exposure. The variable price component of each gas contract is adjusted by a formula related to methanol prices above a
certain level. We believe this pricing relationship enables these facilities to be competitive throughout the methanol price cycle and provides gas suppliers with attractive returns. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>New Zealand </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have three plants in New Zealand with a total production
capacity of up to 2.4&nbsp;million tonnes per year. Two plants are located at Motunui and the third is located at nearby Waitara Valley. In 2012, we restarted a second Motunui facility and we recently committed to debottleneck the Motunui site and
restart the Waitara Valley facility. Upon completion of the current projects in New Zealand, we expect to be able to operate the sites at a total capacity of 2.4&nbsp;million tonnes, depending on natural gas composition. We have entered into several
agreements with various suppliers to underpin our New Zealand operations with terms that range in length up to ten years. All agreements in New Zealand are take-or-pay agreements and include base and variable price components where the variable
price component is adjusted by a formula related to methanol prices above a certain level. Some of these contracts require the supplier to deliver a minimum amount of natural gas with additional volumes dependent on the success of exploring and
developing the related natural gas field. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We continue to pursue opportunities to contract additional natural gas supply to
our plants in New Zealand and are also pursuing natural gas exploration and development opportunities in that country. We have an agreement with Kea Petroleum (&#147;Kea&#148;), an oil and gas exploration and development company, to explore areas of
the Taranaki basin, which is close to our plants. Under the agreement with Kea, funding is shared 50% by both parties, and we will be entitled to all natural gas deliveries from our participation at a price that is competitive to our other locations
in Trinidad, Chile and Egypt. We can elect to provide funding on a project-by-project basis and we have agreed to jointly fund an onshore exploration well with Kea in which drilling commenced in early 2013. </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">15 </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 future operation of our New Zealand facilities depends on methanol industry supply and
demand, the ability of our contracted suppliers to meet their commitments, and the success of ongoing exploration and development activities. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trinidad </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our equity
interest in two methanol facilities in Trinidad (Titan and Atlas) represents approximately 2.0&nbsp;million tonnes of annual production capacity.&nbsp;Natural gas for these facilities is supplied under long-term take-or-pay contracts with The
National Gas Company of Trinidad and Tobago Limited (NGC), which purchases the natural gas from upstream gas producers.&nbsp;The contracts for Titan and Atlas expire in 2014 and 2024, respectively, and have base and variable price components where
the variable component is determined with reference to methanol prices. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Since 2011, large industrial consumers in Trinidad,
including our Titan and Atlas facilities, have experienced periodic curtailments of natural gas supply due to a mismatch between upstream commitments to supply NGC and downstream demand from NGC&#146;s customers which becomes apparent when an
upstream supplier has a technical issue or planned maintenance that reduces gas delivery. We are engaged with key stakeholders to find a solution to this issue, but in the meantime expect to continue to experience some gas curtailments to our
Trinidad facilities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Egypt </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have a 25-year, take-or-pay natural gas supply agreement for the 1.26&nbsp;million tonne per year methanol plant in Egypt in which we have a 60% equity interest. The plant began commercial production
in March 2011. The price paid for gas is based on a US dollar base price plus a variable price component that is determined with reference to methanol prices. Under the contract, the gas supplier is obligated to supply, and we are obliged to
take-or-pay for, a specified annual quantity of natural gas. Gas paid for, but not taken, in any year may be received in subsequent years subject to limitations. In addition, the natural gas supply agreement has a mechanism whereby we are partially
compensated when gas delivery shortfalls occur. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Egypt facility experienced periodic natural gas supply constraints
commencing in mid-2012 (refer to the Egypt section on page 18 for more information). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Canada </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have a 0.5&nbsp;million tonne per year plant in Medicine Hat, Alberta that returned to production in April 2011. We currently have a
program in place to purchase natural gas for this facility on AECO &#150; the Alberta gas trading market &#150; and we believe that the long-term natural gas dynamics in North America will support the long-term operations of this facility.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chile </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Since
2007, we have operated our methanol facilities in Chile significantly below site capacity primarily due to curtailments of natural gas supply from Argentina. In June 2007, our natural gas suppliers from Argentina curtailed all gas supply to our
plants in Chile. Under the existing circumstances, we do not expect to receive any further natural gas supply from Argentina. As a result of the Argentinean natural gas supply issues, all of the methanol production at our Chile facilities since June
2007 has been produced with natural gas from Chile. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We continue to operate our Chile facilities significantly below site
capacity. Our methanol facilities in Chile produced 0.3&nbsp;million tonnes of methanol in 2012 compared to 0.55&nbsp;million tonnes in 2011. During 2012, natural gas deliveries were lower than in 2011 primarily as a result of declines in
deliverability from existing wells. While both Methanex and its natural gas suppliers have made significant investments in natural gas exploration and development in southern Chile and there have been new gas discoveries in the region, the potential
for a significant increase in gas deliveries to our plants is more challenging than we originally anticipated. As we entered 2013, we were operating one plant at approximately 20% capacity and we expect to idle our Chile operations in March 2013 due
to insufficient natural gas feedstock to keep the plant operating through the southern hemisphere winter, when residential energy demand is at its peak. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We are continuing to work with gas suppliers to secure sufficient natural gas to sustain our operations and while the restart of a Chile plant is possible later in 2013, the restart is dependent on
securing a sustainable supply of natural gas to operate over the medium term. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are also developing other projects to
increase the utilization of our Chilean assets. In July 2012, we reached a final investment decision to proceed with the relocation of one of our four plants in Chile to Geismar, Louisiana. We are also evaluating the relocation of a second plant
from Chile to Geismar and expect to make a final investment decision on this project by the middle of 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Refer to the
<I>Risk Factors and Risk Management</I> &#150; <I>Chile</I> section of our 2012 MD&amp;A for more information. </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">16 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>United States </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We are in the process of relocating one of our idled Chile methanol plants to Geismar, Louisiana. It is anticipated that this plant will have a production capacity of 1.0&nbsp;million tonnes and commence
operations by the end of 2014. We have recently entered into a ten-year natural gas agreement for the supply of all of the plant&#146;s natural gas requirements. Contractual deliveries and obligations commence on the first date of commercial
operations. Once the contract is in effect, the supplier is obligated to supply, and we are obliged to take and pay for, a specified annual quantity of natural gas. The price to be paid for the gas is based on a US dollar base price plus a variable
price component that is determined with reference to methanol prices. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FOREIGN OPERATIONS AND GOVERNMENT REGULATION
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have substantial operations and investments outside of North America, and as such we are affected by foreign political developments and
federal, provincial, state and other local laws and regulations. We are subject to risks inherent in foreign operations, including loss of revenue, property and equipment as a result of expropriation; import or export restrictions; anti-dumping
measures; nationalization, war, civil unrest, insurrection, acts of terrorism and other political risks; increases in duties, taxes and governmental royalties; renegotiation of contracts with governmental entities; as well as changes in laws or
policies or other actions by governments that may adversely affect our operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We derive the majority of our revenue from
production and sales by subsidiaries outside of Canada, and the payment of dividends or the making of other cash payments or advances by these subsidiaries to us may be subject to restrictions or exchange controls on the transfer of funds in or out
of the respective countries or result in the imposition of taxes on such payments or advances. We have organized our foreign operations in part based on certain assumptions about various tax laws (including capital gains and withholding taxes),
foreign currency exchange and capital repatriation laws and other relevant laws of a variety of foreign jurisdictions. While we believe that such assumptions are reasonable, we cannot provide assurance that foreign taxation or other authorities will
reach the same conclusion. Further, if such foreign jurisdictions were to change or modify such laws, we could suffer adverse tax and financial consequences. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The dominant currency in which we conduct business is the United States dollar, which is also our reporting currency. The most significant components of our costs are natural gas feedstock and
ocean-shipping costs and substantially all of these costs are incurred in United States dollars. Some of our underlying operating costs, capital expenditures and purchases of methanol, however, are incurred in currencies other than the United States
dollar, principally the Canadian dollar, the Chilean peso, the Trinidad and Tobago dollar, the New Zealand dollar, the Euro and the Egyptian pound. We are exposed to increases in the value of these currencies that could have the effect of increasing
the United States dollar equivalent of cost of sales, operating expenses and capital expenditures. A portion of our revenue is earned in Euros, Canadian dollars and British pounds. We are exposed to declines in the value of these currencies compared
to the United States dollar, which could have the effect of decreasing the United States dollar equivalent of our revenue. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Trade in methanol is subject to duty in a number of jurisdictions. Methanol sold in China from any of our producing regions is currently
subject to duties ranging from 0% to 5.5%. In 2010, the Chinese Ministry of Commerce investigated allegations made by domestic Chinese producers related to the dumping into China of imported methanol. In December 2010, the Ministry recommended that
duties of approximately 9% be imposed on methanol imports from New Zealand, Malaysia and Indonesia for five years starting from December&nbsp;24, 2010. However, citing special circumstances, the Customs Tariff Commission of the State Council, which
is China&#146;s chief administrative authority, suspended enforcement of the recommended dumping duties with the effect that methanol will continue to be allowed to be imported from these three countries without the imposition of additional duties.
If the suspension is lifted, we do not expect there to be a significant impact on industry supply/demand fundamentals and we would realign our supply chain. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Currently, the costs we incur in respect of duties are not significant. However, there can be no assurance that the duties that we are currently subject to will not increase, that the suspension of
Chinese dumping duties will not be lifted, that duties will not be levied in other jurisdictions in the future or that we will be able to mitigate the impact of future duties, if levied. </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"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Chile </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our wholly owned subsidiary Methanex Chile S.A. (&#147;Methanex Chile&#148;) owns three methanol plants on our Chilean production site. Chilean foreign investment regulations provide certain benefits and
guarantees to companies that enter into a foreign investment contract (&#147;DL 600 Contract&#148;) with Chile. Methanex Chile has entered into DL 600 Contracts, substantially identical in all matters material for Methanex Chile, for each of the
plants. Under the DL 600 Contracts, Methanex Chile is authorized to remit from Chile, in United States dollars or any other freely convertible currency, all or part of its profits and, after one year, its equity. As well, under the DL 600 Contracts,
Methanex Chile has elected to pay income tax at the general applicable rate, currently 35%. The DL 600 Contracts provide that they cannot be amended or terminated except by written agreement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please also refer to the <I>Natural Gas Supply </I>&#150; <I>Chile </I>section starting on page 16 for a discussion of the imposition of
a significant increase to the duty on exports of natural gas from Argentina to Chile. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Trinidad </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our Atlas plant was declared an approved enterprise under the <I>Fiscal Incentives Act </I>of Trinidad and was granted, for a ten-year
period beginning in 2004, total relief from corporate income tax for the first two years of operation, a rate of 15% for the following five years and a rate of 20% for the following three years. Atlas also has total relief from income tax on
dividends or other distributions out of profits or gains derived from the manufacture of methanol (other than interest) and has been granted import duty concessions on building materials, machinery and equipment imported into Trinidad and used in
connection with the facility. The applicable corporate income tax rate without tax relief is currently 35%. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>New Zealand </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand has enacted legislation to safeguard claims by Maori tribes (the indigenous people of New Zealand) against lands previously
owned by state-owned enterprises and subsequently privatized. The land on which certain parts of the infrastructure for the Waitara Valley and Motunui plants are located (for example, a tank farm and various pipelines and pipeline valve and mixing
stations) is subject to this legislation. There is a possibility that the tribunal that deals with Maori land claims could recommend the return of such land to Maori ownership. The New Zealand government would be required to comply with such a
recommendation, subject to payment of compensation to the affected owner. We believe that, subject to receiving adequate compensation, such a forced divestment would not likely have a material adverse effect on our operations or financial condition.
The land upon which the Waitara Valley and Motunui plants are located and the surrounding buffer zones of farmland owned by us are not subject to such forced divestment procedures. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Egypt </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Egypt&#146;s government is currently in a transition that has
resulted in ongoing civil unrest, political uncertainty and an adverse impact on the country&#146;s economy.&nbsp;We believe that the political uncertainty is causing delays in decision-making within the Egyptian government including with respect to
upstream natural gas development and this, as well as the economic situation in the country, is contributing to constraints in the development of new supplies of natural gas coming to market.&nbsp;In addition, domestically-produced natural gas is
increasingly being used instead of more expensive imported energy for the purpose of generating domestic electricity. These factors have led to periodic natural gas supply restrictions to the EMethanex facility.&nbsp;This situation may persist in
the future and become more acute during the summer months when electricity demand is at its peak. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RESPONSIBLE CARE
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a member of the Chemistry Industry Association of Canada (&#147;CIAC&#148;), the American Chemistry Council,
Asociacion Gremial de Industriales Quimicos de Chile, Responsible Care New Zealand and Gulf Petrochemicals and Chemicals Association, and as a signatory to the Association of International Chemical Manufacturers Responsible Care Manifesto (China),
we are committed to the ethics and principles of Responsible Care. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Responsible Care is the umbrella under which we manage our
business in relation to health, safety, the environment, community involvement, social responsibility, sustainability, security and emergency preparedness at each of our facilities and locations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accordingly, we have established policies, systems and procedures to promote and encourage the responsible development, introduction,
manufacture, transportation, storage, handling, distribution and use of methanol and ultimate disposal of hazardous waste and residual chemical products so as to do no harm to human health and well-being, the environment and the communities in which
we operate while striving to improve the environment and people&#146;s lives. </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">Methanex&#146;s Responsible Care/Social Responsibility (&#147;RC/SR&#148;) policies and
programs are based on CIAC&#146;s RC Ethic and Principles for Sustainability and the CIAC RC Codes of Practice. Some of the countries where we operate have different standards than those applied in North America. Our policy is to adopt the more
stringent of either Responsible Care practices or local regulatory or association requirements at each of our facilities. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sound corporate governance is the foundation of our long-term success and the sustainability of our operations. Our corporate governance
policies ensure that we have strong management and clear direction for all of Methanex&#146;s business affairs. The application of Responsible Care begins with our Board of Directors, which has appointed a Responsible Care Committee, and extends
throughout our organization. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s Board of Directors and senior management team establish the direction for
Methanex&#146;s RC/SR practices. The Board&#146;s Responsible Care Committee oversees RC program performance and related matters at the policy level, while the Public Policy Committee provides focus on the SR program. The two committees consider
ethics, accountability, governance, business relationships, products and services, community involvement and the protection of people and the environment. The senior management team has overall responsibility for Methanex&#146;s RC/SR policies and
programs, ensuring that they align with the Board&#146;s requirements and the Company&#146;s business strategy. These programs are directed and managed by the Director, Responsible Care and the Director, Government&nbsp;&amp; Public Affairs, who
lead Methanex&#146;s Global Responsible Care Team and Global Public Policy Team, respectively. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex evaluates the
performance of its RC/SR management system through internal and third-party external audit and assessment programs. The internal program includes ongoing in-region self-audits as well as global audits conducted by Methanex subject matter experts.
Third-party verification of the performance of Methanex&#146;s RC/SR program occurs every three years through the CIAC RC verification process. The most recent third-party verification was successfully completed in 2011. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have an established Environment Policy that requires that our facilities have systems in place to monitor and comply with all local
environmental regulations as well as internal standards, periodically audit environmental performance and compliance, measure environmental performance against key performance indicators, report incidents with the potential to cause environmental
harm, and demonstrate continual improvement. A Greenhouse Gas (&#147;GHG&#148;) Management Policy was introduced in 2010 in order to identify and address the risks associated with GHG emissions. The policy directs the Company to consider the
GHG-related risks when assessing new investments, improve reliability and utilization performance, evaluate energy-efficiency improvement opportunities and keep an inventory of GHG emissions. These policies are reviewed at least biennially, are
endorsed by the Board of Directors and approved by the Company&#146;s senior management team. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have also adopted a number
of risk assessment tools that are formally applied as part of our normal business processes to identify and mitigate current and future environmental and process safety-related risks. When incidents do occur, we have a formal incident investigation
process that ensures effective mitigation as well as application of lessons learned throughout our organization. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a natural
extension of our RC ethic, we have a Social Responsibility Policy that aligns our&nbsp;corporate governance, employee engagement and development, community involvement and social investment strategies with our core values and corporate strategy.
Specifically, our Social Responsibility Policy commits the Company to recognize and respond to community concerns about the manufacture, storage, handling, transportation and disposal of our products and promptly provide information concerning any
potential health or environmental hazard to the appropriate authorities, employees and all stakeholders. Methanex&#146;s Social Responsibility Policy further commits the Company to have an open, honest, proactive relationship with the communities
where we have a significant presence; to be accountable and responsive to the public; to have effective processes to identify and respond to community concerns; and to inform the community of risks associated with our operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe that Responsible Care helps us achieve safe and reliable operations, which in turn results in strong financial performance,
effective and innovative minimization of environmental impacts and improved quality of life, particularly in communities where our employees reside. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>ENVIRONMENTAL MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The countries in which we operate all have laws and
regulations to which we are subject governing the environment and the management of natural resources as well as the handling, storage, transportation and disposal of hazardous or waste materials. We are also subject to laws and regulations
governing emissions and the import, export, use, discharge, storage, disposal and transportation of toxic substances. The products we use and produce are subject to regulation under various health, safety and environmental laws. Non-compliance with
these laws and regulations may give rise to compliance orders, fines, injunctions, civil liability and criminal sanctions. </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>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Laws and regulations protecting the environment have become more stringent in recent years
and may, in certain circumstances, impose absolute liability rendering a person liable for environmental damage without regard to negligence or fault on the part of such person. Such laws and regulations may also expose us to liability for the
conduct of, or conditions caused by, others, or for our own acts even if we complied with applicable laws at the time such acts were performed. To date, environmental laws and regulations have not had a significant adverse effect on our capital
expenditures, earnings or competitive position. However, operating petrochemical manufacturing plants and distributing methanol exposes us to risks in connection with compliance with such laws and we cannot provide assurance that we will not incur
significant costs or liabilities in the future. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Management of Emissions </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe that minimizing emissions and waste from our business activities is good business practice. Carbon dioxide
(&#147;CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">&#148;) is a by-product of the methanol production
process. The amount of CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> generated by the methanol
production process depends on the production technology (and hence often the plant age), the feedstock and any export of by-product hydrogen. We continually strive to increase the energy efficiency of our plants, which not only reduces the use of
energy but also minimizes CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> emissions. We have reduced
CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> emission intensity in our manufacturing operations by 30%
between 1994 and 2012 through asset turnover, improved plant reliability and energy efficiency and emissions management. Plant efficiency, and thus CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> emissions, is highly dependent on the design of the methanol plant, so the CO</FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> emission figure may vary from year to year depending on the asset mix
that is operating. We also recognize that CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> is generated
from our marine operations, and in that regard we measure the consumption of fuel by our ocean vessels based on the volume of product transported. Between 2002 and 2012, we reduced our CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> intensity (tonnes of CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> from fuel burned per tonne of product moved) from marine operations by nearly 27%. We also actively support global
industry efforts to voluntarily reduce both energy consumption and CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"> emissions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We manufacture methanol in Chile, Trinidad, New Zealand, Canada and
Egypt. All of these countries signed and ratified the Kyoto Protocol; however, Canada has since removed itself from that Agreement. We are not currently required to reduce GHGs in Trinidad, Egypt and Chile but our production in New Zealand and
Canada is subject to GHG reduction regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand passed legislation to establish an Emissions Trading Scheme
(&#147;ETS&#148;) that came into force in 2010. The ETS imposes a carbon price on producers of fossil fuels, including natural gas, which is passed on to Methanex, increasing the cost of gas that Methanex purchases in New Zealand. However, as a
trade-exposed company, Methanex is entitled to a free allocation of emissions units to partially offset those increased costs. Recently, the New Zealand government concluded that the legislation will continue providing further moderation and free
allocation of any residual cost exposure until at least 2015. Consequently, our ETS-related costs are not expected to be significant to the end of 2015. However, after this date, the moderating features are expected to be removed and our eligibility
for free allocation of emissions units may also be progressively reduced. As a consequence, we will likely incur increasing costs after 2015. It is impossible to accurately quantify the impact on our business of ETS-related costs after 2015 and
therefore we cannot provide assurance that the ETS will not have a significant impact on our business beyond 2015. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px; "><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our Medicine Hat facility is located in the Canadian province of Alberta, which has an established GHG reduction regulation that applies to our plant. The regulation requires that facilities reduce
emissions intensities by up to 12% of their established emissions intensity baseline. &#147;Emissions intensity&#148; means the quantity of specified greenhouse gases released per unit of production. In order to meet the reduction obligation, a
facility can choose to make emissions reduction improvements or it can purchase either offset credits or &#147;technology fund&#148; credits for CDN$15 per tonne of CO</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUB
STYLE="vertical-align:baseline; position:relative; top:.4ex">2</SUB></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> equivalent. Financial obligations are set to begin in 2014, and based on the expected GHG baseline intensity, we do not
believe that the cost will be material. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The federal government of Canada is in the process of developing a sector-by-sector
approach to reduce GHG emissions in the chemical sector in support of its commitment to reduce GHGs from 2005 levels by 17% by 2020. Final proposed regulations are expected by the end of 2013. As the sole methanol producer in Canada, Methanex is
engaged in a consultative process to ensure achievable performance standards are set and that these incorporate equivalency agreements to prevent the potential of paying for GHG emissions under both provincial and federal regimes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are currently in the process of relocating one of our idle methanol plants in Chile to Geismar, Louisiana. The reassembled plant in
Geismar is expected to be operational by the end of 2014. Today, there is no GHG legislation that impacts us in the US. We continue to monitor the development of potential GHG legislation in the US and Louisiana to ensure compliance with any
potential future requirements once the plant becomes operational. At this time, it is unknown what impact potential new GHG legislation or regulations could have on our operations in Geismar. </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>



<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As part of our commitment to the ethic of Responsible Care, we believe it is important to
promote renewable energy where it makes sense for our business. In this regard, we have constructed three wind turbines in southern Chile that were completed in late 2010 and are now supplying electricity to our nearby production facility. The wind
power site has an installed generation capacity of 2.55 megawatts with an expected generation capacity of 1.28 megawatts based on a usage factor of approximately 50%. This project contributes to the diversification of energy resources in southern
Chile. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Refer also to the <I>Risk Factors and Risk Management</I> section of our 2012 MD&amp;A for more information regarding
risks related to environmental regulations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have accrued $23 million for site restoration costs related to the
decommissioning and reclamation of our methanol production sites and oil and gas properties. During 2012, cash expenditures applied against the site restoration liability were $2.4 million for completing remediation of the Kitimat site. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INSURANCE </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The majority of our revenues are derived from the sale of methanol produced at our plants. Our business is subject to the normal hazards
of methanol production operations that could result in damage to our plants. Under certain conditions, prolonged shutdowns of plants due to unforeseen equipment breakdowns, interruptions in the supply of natural gas or oxygen, power failures, loss
of port facilities or any other event, including any event of force majeure, could adversely affect our revenues and operating income. We maintain operational and construction insurance, including business interruption insurance and delayed start-up
insurance, subject to certain deductibles, that we consider to be adequate under the circumstances. However, there can be no assurance that we will not incur losses beyond the limits or outside the coverage of such insurance. From time to time,
various types of insurance for companies in the chemical and petrochemical industries have not been available on commercially acceptable terms or, in some cases, have been unavailable. There can be no assurance that in the future we will be able to
maintain existing coverage, or that premiums will not increase substantially. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>COMPETITION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The methanol industry is highly competitive. Methanol is a global commodity and customers base their purchasing decisions primarily on
the delivered price of methanol and reliability of supply. The relative cost and availability of natural gas or coal feedstock and the efficiency of production facilities and distribution systems are also important competitive factors. Some of our
competitors are not dependent on a single product for revenues, some have greater financial resources and some are state-owned enterprises. These competitors may be better able than we are to withstand price competition and volatile market
conditions. However, given our ability to service our customers globally, the reliability and cost-effectiveness of our distribution system and the enhanced service we provide customers, we believe we are well positioned to compete in each of the
major international methanol markets. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EMPLOYEES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of December&nbsp;31, 2012, we had 1,051 employees (including the employees at the EMethanex and Atlas facilities). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RISK FACTORS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The risks relating to our business are described under the heading <I>Risk Factors and Risk Management </I>in our 2012 MD&amp;A, and are incorporated in this document by reference. Any of those risks, as
well as risks and uncertainties currently not known to us, could adversely affect our business, financial condition, results of operations or the market price of our securities. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DIVIDENDS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends are payable to the holders of common shares of the Company (&#147;Common Shares&#148;) if, as and when declared by our Board of
Directors and in such amounts as the Board of Directors may, from time to time, determine. The Company&#146;s current dividend policy is designed so that the Company maintains conservative financial management appropriate to the historically
cyclical nature of the methanol industry to preserve financial flexibility and creditworthiness. </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>



<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">We pay a quarterly dividend on the Common Shares. The first quarterly dividend of $0.05 per
share was paid on September&nbsp;30, 2002 and the dividend amount has been increased every year since then with the exception of 2009 and 2010. The table below shows the amount and percentage increases to the dividend since its inception in 2002:
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:16pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Date</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>Quarterly<BR>Dividend&nbsp;Amount</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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>%&nbsp;Increase</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">September&nbsp;30, 2002</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">n/a</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">September&nbsp;30, 2003</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.060</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">September&nbsp;30, 2004</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.080</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;30, 2005</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">37.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">June&nbsp;30, 2006</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;30, 2007</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.140</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">June&nbsp;30, 2008</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;30, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">June&nbsp;30, 2010</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">June&nbsp;30, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.170</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">June&nbsp;30, 2012</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">0.185</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets out the total amount of regular dividends per share paid on the Common Shares in
each of the last three most recently completed financial years: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="81%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:75pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Financial Year Ended</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>Regular&nbsp;Dividend<BR>Paid per Share</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">December&nbsp;31, 2010</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">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">December&nbsp;31, 2012</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">0.725</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CAPITAL STRUCTURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We are authorized to issue an unlimited number of Common Shares without nominal or par value and 25,000,000 preferred shares without nominal or par value. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Holders of Common Shares are entitled to receive notice of and attend all annual and special meetings and to one vote in respect of each
Common Share held; receive dividends if, as and when declared by our Board of Directors; and participate in any distribution of the assets of the Company in the event of liquidation, dissolution or winding up. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred shares may be issued in one or more series and the directors may fix the designation, rights, restrictions, conditions and
limitations attached to the shares of each such series. Currently, there are no preferred shares outstanding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our bylaws
provide that at any meeting of our shareholders a quorum shall be two persons present in person, or represented by proxy, holding shares representing not less than 20% of the votes entitled to be cast at the meeting. NASDAQ&#146;s listing standards
require a quorum for shareholder meetings to be not less than 33-1/3% of a company&#146;s outstanding voting shares. As a foreign private issuer and because our quorum requirements are consistent with practices in Canada, our home country, under
NASDAQ rules we are not subject to NASDAQ&#146;s quorum requirement. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RATINGS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following information relating to the Company&#146;s credit ratings is provided as it relates to the Company&#146;s financing costs,
liquidity and operations. Specifically, credit ratings affect the Company&#146;s ability to obtain short-term and long-term financing and the cost of such financing. Additionally, the ability of the Company to engage in certain collateralized
business activities on a cost-effective basis depends on the Company&#146;s credit ratings. A reduction in the current rating on the Company&#146;s debt by its rating agencies, or a negative change in the Company&#146;s ratings outlook could
adversely affect the Company&#146;s cost of financing and its access to sources of liquidity and capital. In addition, changes in credit ratings may affect the Company&#146;s ability to, and the associated costs of: (i)&nbsp;entering into ordinary
course derivative or hedging transactions that may require the Company to post additional collateral under certain of its contracts, and (ii)&nbsp;entering into and maintaining ordinary course contracts with customers and suppliers on acceptable
terms. </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>



<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">The following table sets forth the ratings assigned to the Company&#146;s unsecured debt by
Standard&nbsp;&amp; Poor&#146;s Financial Services LLC (&#147;S&amp;P&#148;), Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) and Fitch Ratings, Inc. (&#147;Fitch&#148;). </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:28pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Security</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>S&amp;P<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)</SUP></B></FONT></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>Moody&#146;s<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></B></FONT></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>Fitch<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></B></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"><B>Unsecured Notes</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BBB-</B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(stable&nbsp;outlook)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ba1<BR>(positive&nbsp;outlook)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>BBB-</B></FONT><BR>
<P STYLE="margin-bottom:1px; margin-top:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>(stable&nbsp;outlook)</B></FONT></P></TD></TR>
</TABLE> <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">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">S&amp;P credit ratings are on a long-term debt rating scale that ranges from AAA to D, which represents the range from highest to lowest quality of such securities
rated. According to the S&amp;P rating system, debt securities rated BBB exhibit adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its
financial commitments on the securities. The ratings from AA to CCC may be modified by the addition of a plus (+)&nbsp;or minus (-) sign to show relative standing within the major rating categories. </FONT></TD></TR></TABLE>
<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">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Moody&#146;s credit ratings are on a long-term debt rating scale that ranges from Aaa to C, which represents the range from highest to lowest quality of such securities
rated. According to the Moody&#146;s rating system, debt securities rated Baa are subject to moderate risk. They are considered as medium-grade obligations and, as such, may possess certain speculative characteristics. Moody&#146;s applies numerical
modifiers 1, 2 and 3 in each generic rating classification from Aa through Caa in its corporate bond rating system. The modifier 1 indicates that the issue ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range
ranking and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category. </FONT></TD></TR></TABLE>
<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">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fitch credit ratings are on a long-term debt rating scale that ranges from AAA to D, which represents the range from highest to lowest quality of such securities rated.
According to the Fitch rating system, debt securities rated BBB indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are
more likely to impair this capacity. The ratings from AA to B may be modified by the addition of a plus (+)&nbsp;or minus (-) sign to show relative standing within the major rating categories. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The rating agencies regularly evaluate the Company, and their ratings of the Company&#146;s long-term and short-term debt are based on a
number of factors, including the Company&#146;s financial strength as well as factors not entirely within the Company&#146;s control, including conditions affecting the methanol industry generally and the wider state of the economy. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Credit ratings are intended to provide investors with an independent measure of the quality of an issue of securities. The foregoing
ratings should not be construed as a recommendation to buy, sell or hold the securities, as such ratings do not comment as to market price or suitability for a particular investor. There is no assurance that any rating will remain in effect for any
given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgment, circumstances so warrant. If any such rating is so revised or withdrawn, we are under no obligation to update
this Annual Information Form. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MARKET FOR SECURITIES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our Common Shares are listed on the Toronto Stock Exchange in Canada (trading symbol: MX), on the NASDAQ Global Market in the United
States (trading symbol: MEOH) and on the Foreign Securities Market of the Santiago Stock Exchange of Chile (trading symbol: Methanex). The following table sets out the market price ranges and trading volumes of our Common Shares on the Toronto Stock
Exchange as well as on the NASDAQ Global Market for each month of our most recently completed financial year (January&nbsp;1, 2012 through December&nbsp;31, 2012). </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="12%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="26" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012 Trading Volumes</B></FONT></P></TD>

<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" COLSPAN="12" NOWRAP ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>The Toronto Stock
Exchange</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Trading Symbol: MX</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="12" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>NASDAQ Global Market</B></FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Trading Symbol:
MEOH</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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">High</FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1">(CDN$)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Low</FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1">(CDN$)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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">Volume</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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">High</FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1">(US$)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1">Low</FONT><br><FONT STYLE="font-family:Times New Roman" SIZE="1">(US$)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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">Volume</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">January</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">28.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">23.66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">5,983,245</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">January</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">28.48</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">23.17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,429,940</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">February</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">27.21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">7,634,522</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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</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">31.61</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">27.28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,012,711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">March</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">33.92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">29.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">9,298,763</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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</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">34.37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">29.36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,659,427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">April</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">34.97</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">30.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">5,443,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">April</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">35.47</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">29.96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,993,238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">May</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">35.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">28.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">6,125,729</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">May</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">35.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">27.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">3,446.883</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">June</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">6,349,713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">June</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">30.62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">25.58</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">3,793,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">July</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30.25</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.55</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">5,125,976</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">July</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">30.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,104,285</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">August</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29.57</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">4,240,797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">August</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">29.83</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">25.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,188,513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">September</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">29.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.15</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">4,934,035</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">September</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">30.12</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">26.59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">2,099,892</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">October</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30.60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">27.79</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">4,571,418</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">October</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">30.56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">28.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">1,925,138</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">November</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">30.87</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">28.54</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">4,387,963</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">November</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">31.02</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">28.49</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">1,160,497</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></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">December</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31.91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">30.11</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">4,833,981</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">December</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">32.38</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">30.34</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">1,153,736</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&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">23 </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>DIRECTORS AND EXECUTIVE OFFICERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As at December&nbsp;31, 2012, the directors and executive officers of the Company owned, controlled or directed, directly or indirectly,
506,618 Common Shares representing approximately 0.54% of the outstanding Common Shares as at December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
following tables set forth the names and places of residence of the current directors and executive officers of the Company, the offices held by them in the Company, their current principal occupations, their principal occupations during the last
five years and, in the case of the directors, the month and year in which they became directors: </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="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:88pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Municipality of Residence</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:20pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Office</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal Occupations and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:125pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Positions During the Last Five Years</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:57pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Director
Since<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">A<SMALL>ITKEN</SMALL>, B<SMALL>RUCE<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(5)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT>
</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. President and Chief Executive Officer of the Company from May 2004 to December 31, 2012.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">July 2004</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">B<SMALL>ALLOCH</SMALL>, H<SMALL>OWARD<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Beijing</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">China</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. Chairman of Canaccord Genuity Asia Limited</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(6)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> from January 2011 to March 2013; prior thereto President of The Balloch Group since July 2001.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">December 2004</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C<SMALL>OOK</SMALL>, P<SMALL>HILLIP<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(4)(5)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Austin, Texas</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">USA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May 2006</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">F<SMALL>LOREN</SMALL>, J<SMALL>OHN</SMALL></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Eastham, Massachusetts</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">USA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director, President and Chief Executive Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer of the Company since January&nbsp;1, 2013; prior thereto Senior Vice President, Global Marketing &amp; Logistics of the Company since June
2005.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">January 2013</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H<SMALL>AMILTON</SMALL>, T<SMALL>HOMAS</SMALL></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Houston, Texas</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">USA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director and Chairman of the Board</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. Co-owner of Medora Investments,
LLC</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">7</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> since April 2003.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May 2007</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">K<SMALL>OSTELNIK</SMALL>, R<SMALL>OBERT<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corpus
Christi, Texas</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">USA</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. Since February 2012, principal in GlenRock Recovery Partners, LLC</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">8</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2">. President and Chief Executive Officer of Cinatra Clean Technologies, Inc. from 2008 to May 2011.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 2008</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">M<SMALL>AHAFFY</SMALL>, D<SMALL>OUGLAS<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)(3)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Toronto, Ontario</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. Chairman of McLean Budden
Limited</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">9</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> from February 2008 until March 2010.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May 2006</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">P<SMALL>OOLE</SMALL>, A. T<SMALL>ERENCE<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(4)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Calgary, Alberta</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">February 1994 except for June &#150; September 2003</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">R<SMALL>EID</SMALL>, J<SMALL>OHN<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 2003</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">R<SMALL>ENNIE</SMALL>, J<SMALL>ANICE<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(1)(3)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Edmonton, Alberta</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">May 2006</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>LOAN</SMALL>, M<SMALL>ONICA<FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></SMALL><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(2)(5)</SUP></FONT><FONT
STYLE="font-family:Times New Roman" SIZE="2"></FONT></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Calgary, Alberta</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Director</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Corporate Director. Chief Executive Officer of Intervera Ltd.</FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">0</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"></FONT><FONT STYLE="font-family:Times New Roman" SIZE="1"><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">)</SUP></FONT><FONT STYLE="font-family:Times New Roman" SIZE="2"> from January 2004 to December 2008.</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">September 2003</FONT></TD></TR>
</TABLE> <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">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of the Audit, Finance and Risk Committee. </FONT></TD></TR></TABLE>
<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">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of the Corporate Governance Committee. </FONT></TD></TR></TABLE>
<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">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of the Human Resources Committee. </FONT></TD></TR></TABLE>
<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">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of the Public Policy Committee. </FONT></TD></TR></TABLE>
<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">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Member of the Responsible Care Committee. </FONT></TD></TR></TABLE>
<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">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canaccord Genuity Asia Limited is an investment banking firm specializing in China and international firms active in the Chinese market. </FONT></TD></TR></TABLE>
<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">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Medora Investments, LLC is a private investment firm. </FONT></TD></TR></TABLE>
<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">(8)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">GlenRock Recovery Partners, LLC is a company that facilitates the sale of non-fungible hydrocarbons in the United States. </FONT></TD></TR></TABLE>
<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">(9)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">McLean Budden Limited (currently MFS McLean Budden) is an investment management firm that manages over $30&nbsp;billion in assets for pension, foundation and private
clients in Canada, the United States, Europe and Asia. </FONT></TD></TR></TABLE>
<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">(10)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Intervera Ltd. provided data quality products and services to the energy industry. </FONT></TD></TR></TABLE>
<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">(11)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Directors of the Company are elected each year at the Annual General Meeting of the Company and hold office until the close of the next Annual General Meeting or
until their successors are elected or appointed. </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">24 </FONT></P>



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<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:88pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Municipality of Residence</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:20pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Office</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal Occupations and</B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:125pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Positions During the Last Five Years</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">B<SMALL>ACH</SMALL>, W<SMALL>ENDY</SMALL> L.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">West Vancouver, British Columbia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President, Human Resources</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Vice President, Human Resources of the Company since July 2012; prior thereto Director, Human Resources of the Company since June 2010; prior thereto Senior Counsel of the Company
since October 2007.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">C<SMALL>AMERON</SMALL>, I<SMALL>AN</SMALL> P.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Finance and Chief Financial Officer</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Finance and Chief Financial Officer of the Company since January 2013; prior thereto Senior Vice President, Corporate Development and Chief Financial Officer
of the Company since November 2010; prior thereto Senior Vice President, Finance and Chief Financial Officer of the Company since January 1, 2003.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">H<SMALL>ERZ</SMALL>, M<SMALL>ICHAEL</SMALL> J.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hong Kong</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">(SAR) People&#146;s Republic of China</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Corporate Development</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Corporate Development of the Company since January 2013; prior thereto Vice President, Marketing and Logistics, Asia Pacific of the Company since August 2008;
prior thereto Director, Marketing and Logistics, Asia Pacific of the Company since August 2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">J<SMALL>AMES</SMALL>, V<SMALL>ANESSA</SMALL> L.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">New Plymouth</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Global
Marketing and Logistics</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Global Marketing and Logistics of the Company since January 2013; prior thereto Vice President, Marketing and Logistics, North America of the Company since
August 2008; prior thereto Director, Global Supply Chain and Market Planning of the Company since January 2008.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">M<SMALL>ACDONALD</SMALL>, M<SMALL>ICHAEL</SMALL> G.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Global Operations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Global Operations of the Company since November 2010; prior thereto Senior Vice President, Corporate Development of the Company since January
2004.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">M<SMALL>ILNER</SMALL>, R<SMALL>ANDALL</SMALL> M.</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Canada</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, General Counsel and Corporate Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, General Counsel and Corporate Secretary of the Company since October 2002.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">S<SMALL>CHIODTZ</SMALL>, P<SMALL>AUL</SMALL></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Santiago</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Chile</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Latin America</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Latin America of the Company since January&nbsp;1, 2006.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">W<SMALL>EAKE</SMALL>, H<SMALL>ARVEY</SMALL></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Auckland</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">New Zealand</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President,</FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Asia
Pacific</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, Asia Pacific of the Company since December, 2005.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Since the start of our most recently completed financial year, and for the three most recently completed financial years, no director or
executive officer of the Company, and no person or company that beneficially owns, controls or directs, directly or indirectly, more than 10% of the Company&#146;s voting securities or any associate or affiliate of such persons, has had any material
interest in any transaction involving the Company. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EXPERTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">KPMG LLP are the auditors of the Company and have confirmed that they are independent with respect to the Company within the meaning of
the Rules of Professional Conduct of the Institute of Chartered Accountants of British Columbia and within the meaning of the US Securities Act of 1933 and the applicable rules and regulations thereunder adopted by the Securities and Exchange
Commission and the Public Company Accounting Oversight Board (United States). </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px;page-break-before:always"></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>LEGAL PROCEEDINGS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Inland Revenue of&nbsp;Trinidad and Tobago
has issued assessments against our 63.1% owned joint venture, Atlas Methanol Company Unlimited (&#147;Atlas&#148;), in respect of the 2005 and 2006 financial years.&nbsp;All subsequent tax years remain open to assessment. The assessments relate to
the pricing arrangements of certain long-term fixed-price sales contracts that extend to 2014 and 2019 related to methanol produced by Atlas. The impact of the amounts in dispute for the 2005 and 2006 financial years is not significant. Atlas has
partial relief from corporation income tax until 2014. </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 lodged an objection to the assessments. Based on the
merits of the case and legal interpretation, management believes its position should be sustained. </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" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>AUDIT COMMITTEE INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Audit Committee Charter </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Audit, Finance and Risk Committee
(&#147;Committee&#148;) is appointed by the Board to assist the Board in fulfilling its oversight responsibility relating to: the integrity of the Company&#146;s financial statements; the financial reporting process; the systems of internal
accounting and financial controls; the professional qualifications and independence of the external auditors; the performance of the external auditors; risk management processes; financing plans; pension plans; and compliance by the Company with
ethics policies and legal and regulatory requirements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee&#146;s mandate sets out its responsibilities and duties.
A copy of the Committee&#146;s mandate is attached here as Appendix&nbsp;&#147;A&#148;. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Composition of the Audit Committee </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee is comprised of four directors: A. Terence Poole (Chair), Howard Balloch, John Reid and Janice Rennie. Each Committee member
is independent and financially literate. Mr.&nbsp;Poole is designated as the &#147;audit committee financial expert&#148;. The U.S. Securities and Exchange Commission has indicated that the designation of Mr.&nbsp;Poole as an audit committee
financial expert does not make Mr.&nbsp;Poole an &#147;expert&#148; for any other purpose, impose any duties, obligations or liability on Mr.&nbsp;Poole that are greater than those imposed on members of the Committee and Board who do not carry this
designation or affect the duties, obligations or liability of any other member of the Committee. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Relevant Education and Experience
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a brief summary of the education and experience of each member of the Committee that is relevant to the
performance of his or her responsibilities as a member of the Committee, including any education or experience that has provided the member with an understanding of the accounting principles we use to prepare our annual and interim financial
statements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Mr.&nbsp;A. Terence Poole </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Poole is a corporate director. Prior to his retirement in June 2006, he was Executive Vice President, Corporate Strategy and Development of NOVA Chemicals Corporation (&#147;NOVA&#148;), a
commodity chemical company with international operations. Prior to that position, Mr.&nbsp;Poole was the Executive Vice President, Finance and Strategy of NOVA from 1998 to 2000; Senior Vice President and Chief Financial Officer of NOVA from 1994 to
1998; and held other senior financial positions with NOVA from 1988. He has worked at other large public companies in various financial and business management capacities since 1971. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Poole is a Chartered Accountant and holds a Bachelor of Commerce degree from Dalhousie University in Halifax, Nova Scotia.
Mr.&nbsp;Poole is a member of the Canadian, Quebec and Ontario Institutes of Chartered Accountants and is also a member of Financial Executives International. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Poole serves on the board of Pengrowth Energy Corporation and chairs its Audit Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Poole has served on the Committee since September 2003, as well as from February 1994 to June 2003. Mr.&nbsp;Poole has chaired the Committee since May 2006. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Mr.&nbsp;Howard Balloch </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">From January 2011 until March 2013, Mr.&nbsp;Balloch was Chairman of Canaccord Genuity Asia Limited, an investment banking firm specializing in China and international firms active in China. Prior to this
Mr.&nbsp;Balloch was President of The Balloch Group for 10 years, a private investment advisory and merchant banking firm specializing in China and other Asian markets. Both these positions were based in Beijing, China. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Through Mr.&nbsp;Balloch&#146;s 12 years&#146; experience leading private investment banking firms, he has a deep understanding of
finance and capital markets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Balloch holds a Bachelor of Arts (Honours) in Political Science and Economics and a
Master&#146;s degree in International Relations, both from McGill University, Montreal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Balloch also serves on the
board of Ivanhoe Energy Inc. and on the board of a private company, BeiKai Capital. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Balloch has served on the
Committee since January 2013. </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; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Mr.&nbsp;John Reid </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Reid is a corporate director. He held the position of President and Chief Executive Officer of Terasen Inc., an energy
distribution and transportation company, from November 1997 to November 2005 and prior to that was Executive Vice President and Chief Financial Officer of Terasen. Prior to joining Terasen, Mr.&nbsp;Reid was the President and Chief Executive Officer
of Scott Paper. He also held various other senior positions at Scott Paper, including Corporate Vice President, Finance and Controller. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Reid is a Chartered Accountant, holds an economics degree from Newcastle University and is a Fellow of the British Columbia, England and Wales Institutes of Chartered Accountants. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Reid also serves on the board of Finning International Inc. as the Lead Director, is a member of its Audit Committee and in the
past was designated as its &#147;financial expert.&#148; Mr.&nbsp;Reid also sits on the board of the private company Corix Infrastructure Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Reid has served on the Committee since September 2003. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Ms.&nbsp;Janice Rennie </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Rennie is a corporate director. From 2004 to 2005, Ms.&nbsp;Rennie was Senior Vice President, Human Resources and Organizational Effectiveness for EPCOR Utilities Inc. At that time, EPCOR built,
owned and operated power plants, electrical transmission and distribution networks, water and wastewater treatment facilities and infrastructure in Canada and the United States. Prior to 2004, Ms.&nbsp;Rennie held senior management positions in a
number of private firms, including Principal of Rennie&nbsp;&amp; Associates, which provided investment and related advice to small and mid-sized companies. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Rennie holds a Bachelor of Commerce degree from the University of Alberta and is a Fellow of the Institute of Chartered Accountants of Alberta and the Institute of Corporate Directors.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Rennie serves on the boards of Teck Resources Limited, Major Drilling Group International Inc., WestJet Airlines
Ltd. and West Fraser Timber Co. Ltd and is a member of all their Audit Committees, as well as Chair of the Audit Committee of West Fraser Timber Co. Ltd. In addition, Ms.&nbsp;Rennie serves on the board and chairs the Audit Committee of Greystone
Capital Management Inc., a private company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Rennie has served on the Committee since May 2006. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Pre-Approval Policies and Procedures </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Committee annually reviews and approves the terms and scope of the external auditors&#146; engagement. The Committee oversees the Audit and Non-Audit Pre-Approval Policy, which sets forth the
procedures and the conditions by which permissible services proposed to be performed by KPMG LLP are pre-approved. The Committee has delegated to the Chair of the Committee pre-approval authority for any services not previously approved by the
Committee. All such services approved by the Chair of the Committee are subsequently reviewed by the Committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All non-audit
service engagements, regardless of the cost estimate, must be coordinated and approved by the Chief Financial Officer to further ensure that adherence to this policy is monitored. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Audit and Non-Audit Fees Billed by the Independent Auditors </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">KPMG&#146;s
global fees relating to the years ended December&nbsp;31, 2012 and December&nbsp;31, 2011 are as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:29pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>US$000s</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>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</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>2011</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">Audit Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,913</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">1,827</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">Audit-Related Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">116</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">Tax Fees</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">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">103</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</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">99</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>
<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:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total</B></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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,047</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</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"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></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>
<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="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each fee category is described below. </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; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Audit Fees </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit fees for professional services rendered by the external auditors for the audit of the Company&#146;s consolidated financial
statements; statutory audits of the financial statements of the Company&#146;s subsidiaries; quarterly reviews of the Company&#146;s financial statements; consultations as to the accounting or disclosure treatment of transactions reflected in the
financial statements; and services associated with registration statements, prospectuses, periodic reports and other documents filed with securities regulators. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Audit fees for professional services rendered by the external auditors for the audit of the Company&#146;s consolidated financial statements were in respect of an &#147;integrated audit&#148; performed by
KPMG globally. The integrated audit encompasses an opinion on the fairness of presentation of the Company&#146;s financial statements as well as an opinion on the effectiveness of the Company&#146;s internal controls over financial reporting.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Audit-Related Fees </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Audit-related fees for professional services rendered by the auditors for financial audits of employee benefit plans; procedures and audit or attest services not required by statute or regulation; and
consultations related to the Company&#146;s transition to international financial reporting standards (IFRS) and the accounting or disclosure treatment of other transactions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Tax Fees </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax fees for professional services rendered for tax
compliance and tax advice. These services consisted of: tax compliance, including the review of tax returns; assistance in completing routine tax schedules and calculations; and advisory services relating to domestic and international taxation.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>TRANSFER AGENT AND REGISTRAR </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our principal transfer agent is CIBC Mellon Trust&nbsp;Company at its offices in Vancouver, British Columbia. Our co-transfer agent in the United States for our Common Shares is American Stock
Transfer&nbsp;&amp; Trust Company LLC at its offices in New Jersey. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CONTROLS AND PROCEDURES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our disclosure controls and procedures are described under the heading <I>Controls and Procedures </I>in our 2012 MD&amp;A and are
incorporated in this AIF by reference. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>CODE OF ETHICS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have a written code of ethics that applies to our directors, officers and employees, including our principal executive officer,
principal financial officer and principal accounting officer. A copy of our code, entitled &#147;Code of Business Conduct&#148;, can be found on our website at <U>www.methanex.com</U> or upon request from the Corporate Secretary at the address below
under the heading <I>Additional Information</I>. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ADDITIONAL INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information relating to the Company, including directors&#146; and officers&#146; remuneration and indebtedness, principal
holders of the Company&#146;s securities and securities authorized for issuance under equity compensation plans, is contained in our Information Circular dated March&nbsp;8, 2013 relating to our Annual General Meeting that will be held on
April&nbsp;25, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional financial information about the Company is provided in the Company&#146;s financial
statements for the year ended December&nbsp;31, 2012 and in our 2012 MD&amp;A. </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">28 </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">Copies of the documents referred to above are available on the Canadian Securities
Administrators&#146; SEDAR website at <U>www.sedar.com</U> and may also be obtained upon request from: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Methanex Corporation
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Randy Milner </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Senior Vice President, General Counsel and Corporate Secretary </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">1800 Waterfront
Centre </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">200 Burrard Street </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Vancouver, British Columbia V6C 3M1 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telephone: 604 661 2600 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Facsimile: 604 661 2602 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">E-mail: rmilner@methanex.com </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Additional information relating to the Company may
be found on the Canadian Securities Administrators&#146; SEDAR website at <U>www.sedar.com</U>, on the United States Securities and Exchange Commission&#146;s EDGAR website at <U>www.sec.gov</U> and on our website at <U>www.methanex.com</U>.
</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">29 </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>APPENDIX &#147;A&#148; </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>METHANEX CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>AUDIT, FINANCE AND RISK COMMITTEE MANDATE </B></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><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Creation </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A
committee of the directors to be known as the &#147;Audit, Finance and Risk Committee&#148; (hereinafter referred to as the &#147;Committee&#148;) is hereby established. </FONT></P>
<P STYLE="font-size:18px;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><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Purpose and Responsibility </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Committee is appointed by the Board to assist the Board in fulfilling its oversight responsibility relating to: the integrity of the Corporation&#146;s financial statements; the financial reporting
process; the systems of internal accounting and financial controls; the professional qualifications and independence of the external auditors; the performance of the external auditors; risk management processes; financing plans; pension plans; and
compliance by the Corporation with ethics policies and legal and regulatory requirements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee&#146;s role is one of
oversight. It is the responsibility of the Corporation&#146;s management to plan audits and to prepare consolidated financial statements in accordance with generally accepted accounting principles (&#147;GAAP&#148;), and it is the responsibility of
the Corporation&#146;s external auditor to audit these financial statements. Therefore, each member of the Committee, in exercising his or her business judgment, shall be entitled to rely on the integrity of those persons and organizations within
and outside the Corporation from whom he or she receives information, and on the accuracy of the financial and other information provided to the Committee by such persons or organizations. The Committee does not provide any expert or other special
assurances as to the Corporation&#146;s financial statements or any expert or professional certification as to the work of the Corporation&#146;s external auditor. In addition, all members of the Committee are equally responsible for discharging the
responsibilities of the Committee and the designation of one member as an &#147;audit committee financial expert&#148; pursuant to the Applicable Rules (as defined below) is not a statement of intention by the Corporation to impose upon such
designee duties, obligations or liability greater than those imposed on such a director in the absence of such designation. </FONT></P> <P STYLE="font-size:18px;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><I>3.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Committee Membership </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Composition of the Committee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee must be composed of a minimum of three directors.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Appointment and Term of Members</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The members of the Committee must be appointed or reappointed at the organizational meeting of the Board concurrent with each Annual General Meeting of the shareholders
of the Corporation. Each member of the Committee continues to be a Committee member until a successor is appointed, unless he or she resigns or is removed by the Board or ceases to be a director of the Corporation. Where a vacancy occurs at any time
in the membership of the Committee, it may be filled by the Board and shall be filled by the Board if the membership of the Committee is less than three directors as a result of the vacancy.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial Literacy and Independence</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each member of the Committee shall meet the independence and experience requirements, and at least one member of the Committee shall qualify as an &#147;audit committee
financial expert.&#148; These requirements shall be in accordance with the applicable rules and regulations (the &#147;Applicable Rules&#148;) of the Canadian Securities Administrators, the U.S. Securities and Exchange Commission, the Toronto Stock
Exchange and the NASDAQ Stock Market.</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">30 </FONT></P>



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<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Appointment of Chair and Secretary</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board or, if it does not do so, the members of the Committee, must appoint one of their members as Chair. If the Chair of the Committee is not present at any meeting
of the Committee, the Chair of the meeting must be chosen by the Committee from the Committee members present. The Chair presiding at any meeting of the Committee has a deciding vote in case of deadlock. The Committee must also appoint a Secretary
who need not be a director.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Use of Outside Experts</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">e)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Where Committee members believe that, to properly discharge their fiduciary obligations to the Corporation, it is necessary to obtain the advice of independent legal,
accounting or other experts, the Chair shall, at the request of the Committee, engage the necessary experts at the Corporation&#146;s expense. The Board must be kept apprised of both the selection of the experts and the experts&#146; findings
through the Committee&#146;s regular reports to the Board.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;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><I>4.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Meetings </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Time, Place and Procedure of Meetings</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The time and place of Committee meetings, and the procedures for the conduct of such meetings, shall be determined from time to time by Committee members, provided
that:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quorum</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">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a quorum for meetings must be two members, present in person or by telephone or other telecommunication device that permits all persons participating in the meeting to communicate
with each other;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quarterly Meetings</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">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Committee must meet at least quarterly;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notice of Meetings</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">iii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">notice of the time and place of every meeting must be given in writing or by electronic transmission to each member of the Committee and the external auditors of the Corporation at
least 24 hours prior to the Committee meeting;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Waiver of Notice</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">iv)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a member may waive notice of a meeting, and attendance at the meeting is a waiver of notice of the meeting, except where a member attends a meeting for the express purpose of
objecting to the transaction of any business on the grounds that the meeting is not lawfully called;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attendance of External Auditors</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">v)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the external auditors are entitled to attend each meeting at the Corporation&#146;s expense;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meeting with Financial Management</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">vi)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Committee will, at least annually, meet with senior financial management, including the Chief Financial Officer and the Corporate Controller, without other members of management
present;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meeting without Management</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">vii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">each regular meeting of the Committee will conclude with a session without any management personnel present;</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">31 </FONT></P>



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<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Calling a Meeting</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">viii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a meeting of the Committee may be called by the Secretary of the Committee on the direction of the Chair or Chief Executive Officer of the Corporation, by any member of the
Committee or the external auditors; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Committee Determines Attendees</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">(ix)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">notwithstanding the provisions of this paragraph, the Committee has the right to request any officer or employee of the Corporation or the Corporation&#146;s outside counsel or
external auditor to be present or not present at any part of the Committee meeting.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Reports to the Board</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee shall make regular reports to the Board.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;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><I>5.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Duties and Responsibilities of the Committee </I></B></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%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>1)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Financial Statements and Disclosure </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual Report and Disclosures</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and discuss with management and the external auditor, and recommend for approval by the Board, the Corporation&#146;s annual report, Annual Information Form,
audited Annual Consolidated Financial Statements, annual Management&#146;s Discussion and Analysis, Management Information Circular, any reports on adequacy of internal controls, and all financial statements in prospectuses or other disclosure
documents.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prospectuses</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend for approval by the Board all prospectuses and documents that may be incorporated by reference into a prospectus, including without limitation,
material change reports and proxy circulars.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quarterly Interim Reports and Disclosures</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review, discuss with management and the external auditor, and approve the Corporation&#146;s interim reports, including the quarterly financial statements, interim
Management&#146;s Discussion and Analysis and press releases on quarterly and year-end financial results, prior to public release.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounting Policies and Estimates</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve all accounting policies and estimates that would have a significant effect on the Corporation&#146;s financial statements, and any changes to such
policies. This review will include a discussion with management and the external auditor concerning:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any areas of management judgment and estimates that may have a critical effect on the financial statements;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the effect of using alternative accounting treatments that are acceptable under GAAP;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">iii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the appropriateness, acceptability and quality of the Corporation&#146;s accounting policies; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">iv)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any material written communication between the external auditor and management, such as the annual management letter and the schedule of unadjusted
differences.</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">32 </FONT></P>



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


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Non-GAAP Financial Information</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">e)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discuss with management the use of &#145;&#145;pro forma&#146;&#146; or &#145;&#145;non-GAAP information&#146;&#146; in the Corporation&#146;s continuous disclosure
documents.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regulatory and Accounting Initiatives</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">f)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discuss with management and the external auditor the effect of regulatory and accounting initiatives as well as the use of off-balance sheet structures on the
Corporation&#146;s financial statements.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Litigation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">g)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discuss with the Corporation&#146;s General Counsel, and with external legal counsel if necessary, any litigation, claim or other contingency (including tax assessments)
that could have a material effect on the financial position or operating results of the Corporation, and the manner in which these matters have been disclosed in the financial statements.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financing Plans</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">h)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review the financing plans and objectives of the Corporation, as received from and discussed with management.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;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><I>2)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Risk Management and Internal Control </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Risk Management Policies</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend for approval by the Board changes considered advisable, after consultation with management, to the Corporation&#146;s policies relating
to:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risks inherent in the Corporation&#146;s businesses, facilities and strategic direction;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">financial risks, including foreign exchange, interest rate and investment of cash;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">iii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">overall risk management strategies and the financing of risks, including insurance coverage in the context of competitive and operational considerations;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">iv)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the risk retention philosophy and the resulting uninsured exposure of the Corporation; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">v)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">shipping risk.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Risk Management Processes</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review with management at least annually the Corporation&#146;s processes to identify, monitor, evaluate and address important enterprise-wide strategic and business
risks.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adequacy of Internal Controls</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review, at least quarterly, the results of management&#146;s evaluation of the adequacy and effectiveness of internal controls within the Corporation in connection with
the certifications signed by the CEO and CFO. Management&#146;s evaluation will include a review of:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">policies and procedures to ensure completeness and accuracy of information disclosed in the quarterly and annual reports, prevent earnings management and detect material financial
statement misstatements due to fraud and error; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></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">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">internal control recommendations of the external auditors and arising from the results of the internal audit procedures, including any special steps taken to address material
control deficiencies and any fraud, whether or not material, that involves management or other employees who have a significant role in the Corporation&#146;s internal controls.</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">33 </FONT></P>



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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Financial Risk Management</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review with management activity related to managing financial risks to the Corporation, including hedging programs.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;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><I>3)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>External Auditors </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Appointment and Remuneration</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend to the Board:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the selection, evaluation, reappointment or, where appropriate, replacement of external auditors; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the nomination and remuneration of external auditors to be appointed at each Annual General Meeting of Shareholders.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Resolving Disagreements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Resolve any disagreements between management and the external auditor regarding financial reporting.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Direct Reporting to Committee</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The external auditors shall report directly to the Committee and the Committee has the authority to communicate directly with the external auditors.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quality Control and Independence</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review a formal written statement requested at least annually from the external auditor describing:</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">the firm&#146;s internal quality control procedures;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">ii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any material issues raised by the most recent internal quality control review, peer review of the firm or any investigation by governmental or professional authorities within the
preceding five years respecting one or more independent audits of the Corporation carried out by the firm;</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">iii)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">any steps taken to deal with any such issues; and</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">iv)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">all relationships between the external auditors and the Corporation.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee will actively engage in a dialogue with the external auditor with respect to whether the firm&#146;s quality controls are adequate, and whether any of the
disclosed relationships or non-audit services may impact the objectivity and independence of the external auditor based on the independence requirements of the Applicable Rules. The Committee shall present its conclusion with respect to the
independence of the external auditor to the Board.</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">34 </FONT></P>



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<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>

<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">External Audit Plan</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">e)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve the external audit plan and enquire as to the extent the planned audit scope can be relied upon to detect weaknesses in internal control or fraud or
other illegal acts. Any significant recommendations made by the auditors for strengthening internal controls will be reviewed.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Rotation of Senior Audit Partner</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">f)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ensure the rotation of senior audit personnel who have primary responsibility for the audit work, as required by law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Remuneration of External Auditors</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">g)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve (in advance) the scope and related fees for all auditing services and non-audit services permitted by regulation that are to be provided by the
external auditor in accordance with the Corporation&#146;s Audit and Non-Audit Services Pre-Approval Policy, which is to be annually reviewed and approved by the Committee.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Restrictions on Hiring Employees of External Auditor</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">h)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ensure the establishment of policies relating to the Corporation&#146;s hiring of employees of or former employees of the external auditor, if such individuals have
participated in the audit of the Corporation, as required by law.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Report from the External Auditors</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Prior to filing the Quarterly Consolidated Financial Statements and the Annual Consolidated Financial Statements, the Committee should receive a report from the external
auditors on the results of their review or audit.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meeting with Auditors and Management</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">j)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee should meet with the external auditors without management present and discuss any issues related to performance of the audit work, any restrictions and any
significant disagreement with management. The Committee should also meet separately with management to discuss the same matters as those discussed with the external auditors.</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;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><I>4)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Internal Audit </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Internal Audit Plans</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve the annual Internal Audit Plan and objectives.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Audit Findings and Recommendations</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review the significant control issues identified in internal audit reports issued to management and the responses and actions taken by management to address weaknesses
in controls.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Meeting with Auditors</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee will meet, without management present, with representatives of the accounting firm and/or the Corporation&#146;s Internal Auditor that executed the annual
Internal Audit Plan.</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">35 </FONT></P>



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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>5)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Pension Plans </I></B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to all investing and funding aspects of all defined benefit corporate sponsored pension plans of the Corporation and its
wholly owned subsidiaries that have estimated actuarial liabilities in excess of US$10 million (collectively the &#147;Retirement Plans&#148;): </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Constitute Pension Committees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annually constitute Committees (the &#147;Pension Committees&#148;) with responsibility for the investment activities of the Retirement Plans&#146; trust
funds.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Statements of Pension Investment Policy and Procedures</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review the Corporation&#146;s Statement of Pension Investment Policy for the Retirement Plans&#146; trust funds whenever a major change is apparent or
necessary.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Amendments to Retirement Plans and Material Agreements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend to the Board any amendments to the Retirement Plans&#146; trust agreements and any material document written or entered into pursuant to the
Retirement Plans&#146; trust agreements.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Appointment of Auditors, Actuaries and Investment Managers</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Approve the recommendations of the officers of the Corporation regarding the reappointment or appointment of auditors and recommendations of the Pension Committees
regarding appointment of investment managers and actuaries of the Retirement Plans.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retirement Plan Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">e)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve the annual financial statements of the Retirement Plans, and related trust funds, and the auditors&#146; reports thereon.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Retirement Plan Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">f)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend for approval by the Board, the annual report on the operation and administration of the Retirement Plans and related trust funds.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Terms of Reference of the Pension Committees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">g)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend to the Board for approval the Terms of Reference of the Pension Committees (to be approved jointly with the Human Resources Committee of the Board)
and any material amendments thereto.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delegation to the Pension Committees</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">h)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Approve the delegation of certain responsibilities to members of the Pension Committees.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Actuarial Reports and Funding Assumptions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">i)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review the actuarial reports on the Retirement Plan as required by applicable regulations and any special actuarial reports.</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to all investing and funding aspects of all defined contribution pension plans and defined
benefit pension plans that have estimated actuarial liabilities of less than US$10 million of the wholly owned subsidiaries of the Corporation (&#147;other Retirement Plans&#148;): </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Other Retirement Plans Report</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">j)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Receive from management and review with the Board, at least annually, a report on the operation and administration of other Retirement Plans&#146; trust funds, including
investment performance.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Delegation of Authority</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">k)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Administer and delegate to management-committees as considered advisable all other matters related to other Retirement Plans&#146; trust funds to which the Committee has
been delegated authority.</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">36 </FONT></P>



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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>6)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>General Duties </I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Code of Business Conduct Compliance</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">a)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Obtain a report at least annually from the Senior Vice President, General Counsel &amp; Corporate Secretary on the Corporation&#146;s and its
subsidiary/foreign-affiliated entities&#146; conformity with applicable legal and ethical compliance programs (e.g., the Corporation&#146;s Code of Business Conduct).</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Code of Ethics</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">b)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend to the Board for approval a code of ethics for senior financial officers.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Compliance Reporting Process</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">c)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ensure that a process and procedure has been established by the Corporation for receipt, retention, and treatment of complaints regarding non-compliance with the
Corporation&#146;s Code of Business Conduct, violations of laws or regulations, or concerns regarding accounting, internal accounting controls or auditing matters. The Committee must ensure that procedures for receipt of complaints allow for
confidential and anonymous submission of complaints from employees.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Regulatory Matters</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">d)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Discuss with management and the external auditor any correspondence with regulators or governmental agencies and any published reports that raise material issues
regarding the Corporation&#146;s compliance policies.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Disclosure Policy</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">e)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review annually and recommend to the Board for approval, the Corporation&#146;s Disclosure policies. In particular, the Committee will review annually the
Corporation&#146;s procedures for public disclosure of financial information extracted or derived from the Corporation&#146;s financial statements.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Related-Party Transactions</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">f)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and approve all related-party transactions.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mandate Review</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">g)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">Review and recommend to the Board for approval changes considered advisable based on the Committee&#146;s assessment of the adequacy of this Mandate. Such review will
occur on an annual basis and the recommendations, if any, will be made to the Board for approval.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual Evaluation</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">h)</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Committee will conduct an annual evaluation to ensure that it has satisfied its responsibilities in the prior year in compliance with this Mandate.</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">37 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Exhibit 99.2<BR><BR> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30"><A NAME="toc478148_4"></A>Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Index </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV STYLE="position:relative;float:left; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

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


<TR>
<TD VALIGN="top">


<IMG SRC="g478148g91d61.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_1">Overview of the Business</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g71w89.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_2">Our Strategy</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g56v66.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_3">Financial Highlights</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g49t48.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_4">Production Summary</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g47o36.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_5">How We Analyze Our Business</A></FONT></TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:2%; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

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

<TR>
<TD VALIGN="top">


<IMG SRC="g478148g39f87.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_6">Financial Results</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g38a43.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_7">Liquidity and Capital Resources</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g30a60.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_8">Risk Factors and Risk Management</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g27k30.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_9">Critical Accounting Estimates</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g27d44.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_10">Anticipated Changes to International Financial Reporting Standards</A></FONT></TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:right; width:32%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

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

<TR>
<TD VALIGN="top">


<IMG SRC="g478148g27d44.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_11">Sup</A><A HREF="#tx478148_11">plemental Non-GAAP Measures</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom">


<IMG SRC="g478148g22a04.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_12">Quarterly Financial Data (Unaudited)</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g13q11.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_13">Selected Annual Information</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g10m96.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_14">Controls and Procedures</A></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top">


<IMG SRC="g478148g06z60.jpg" ALT="LOGO">
&nbsp;</TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="middle" NOWRAP><FONT STYLE="font-family:ARIAL" SIZE="1"><A HREF="#tx478148_15">Forward-Looking Statements</A></FONT></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="font-size:14px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:2px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #1c91ff">&nbsp;</P>
<P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) is dated March&nbsp;13, 2013 and should be read in conjunction with our consolidated
financial statements and the accompanying notes for the year ended December&nbsp;31, 2012. Except where otherwise noted, the financial information presented in this MD&amp;A is prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by the International Accounting Standards Board. We use the United States dollar as our reporting currency and, except where otherwise noted, all currency amounts are stated in United States dollars. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At March 13, 2013 we had 94,743,044 common shares issued and outstanding and stock options and tandem share appreciation rights exercisable for 3,618,823 additional
common shares. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Additional information relating to Methanex, including our Annual Information Form, is available on our website at www.methanex.com, the
Canadian Securities Administrators&#146; SEDAR website at www.sedar.com and on the United States Securities and Exchange Commission&#146;s EDGAR website at www.sec.gov. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_1"></A>OVERVIEW OF THE BUSINESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanol is a clear liquid commodity
chemical that is predominantly produced from natural gas and also, particularly in China, from coal. Approximately two-thirds of all methanol demand is used to produce traditional chemical derivatives, including formaldehyde, acetic acid and a
variety of other chemicals that form the basis of a large number of chemical derivatives for which demand is influenced by levels of global economic activity. The remaining one-third of methanol demand comes from energy-related applications. There
has been strong demand growth for direct methanol blending into gasoline, as a feedstock in the production of dimethyl ether (DME), which can be blended with liquefied petroleum gas for use in household cooking and heating, and in the production of
biodiesel. Methanol is also used to produce methyl tertiary-butyl ether (MTBE), a gasoline component, and olefins. This latter use is emerging as a significant methanol demand driver. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We are the world&#146;s largest supplier of methanol to the major international markets in Asia Pacific, North America, Europe and Latin America. Our total annual production capacity, including Methanex equity
interests in jointly owned plants, is currently 9.5 million tonnes and is located in New Zealand, Trinidad, Egypt, Canada and Chile (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Production Summary</I></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"> section on page 9 for more information). We are currently relocating one of our Chile facilities to Geismar, Louisiana and we expect the relocated facility will be operational by the end of 2014. We have marketing
rights for 100% of the production from the jointly owned plants in Trinidad and Egypt and this provides us with an additional 1.2&nbsp;million tonnes per year of methanol offtake supply when the plants are operating at full capacity. In addition to
the methanol produced at our sites, we purchase methanol produced by others under methanol offtake contracts and on the spot market. This gives us flexibility in managing our supply chain while continuing to meet customer needs and support our
marketing efforts. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>2012 Industry Overview&nbsp;&amp; Outlook </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Methanol is a global commodity and our earnings are significantly affected by fluctuations in the price of methanol, which is directly impacted by changes in methanol supply and demand. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Demand for methanol is driven primarily by levels of industrial production, energy prices and the strength of the global economy. Demand for methanol grew by 5% in
2012, leading to global demand of approximately 51&nbsp;million tonnes, excluding demand from integrated methanol-to-olefins facilities. The increase in demand was driven by both traditional derivatives and energy-related applications in Asia,
particularly in China. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Industry supply additions outside of China in 2012 consisted primarily of the restart of our second Motunui facility in New
Zealand, which&nbsp;added 0.7&nbsp;million tonnes to the site&#146;s annual operating capacity, and the restart of a 0.7&nbsp;million tonne facility in Beaumont, Texas. New production from supply additions inside China was consumed in that country
and China continued to be a significant net importer of methanol. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Overall, industry conditions were balanced in 2012 and this led to a relatively stable
methanol pricing environment. Our average realized price for 2012 was $382 per tonne compared with $374 per tonne in 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The outlook for methanol
demand growth continues to be strong. The wide disparity between the price of crude oil and that of natural gas and coal has resulted in an increased use of methanol in energy-related applications, such as direct methanol blending into gasoline and
DME and biodiesel production. Growth of direct methanol blending into gasoline in China has been particularly strong and we believe that future growth in this application is supported by numerous provincial and national fuel-blending standards, such
as M15 or M85 (15% methanol and 85% methanol, respectively). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">China is also leading the commercialization of methanol&#146;s use as a feedstock to
manufacture olefins. The use of methanol to produce olefins, at current energy prices, is proving to be cost competitive relative to the traditional production of olefins from naphtha. There are now five methanol-to-olefins (MTO) plants operating in
China, with the capacity to consume approximately seven&nbsp;million tonnes of methanol annually. Three of these projects were not expected to impact the merchant methanol market as they are integrated projects &#150; coal to methanol to olefins.
However, over the past two years, these plants have purchased methanol to supplement their own methanol production. The&nbsp;two non-integrated plants (representing over 2&nbsp;million tonnes of methanol demand annually) are&nbsp;dependent on
merchant methanol supply. Several other integrated and non-integrated projects are currently under construction in China and the demand for methanol as a feedstock for producing olefins is anticipated to continue to grow. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">While methanol demand in energy-related applications is strongest in China, there are an increasing number of countries around the world that have projects in place
or are considering adopting these applications on a wider scale. Direct methanol blending into gasoline is being used in small quantities in the United Kingdom, Netherlands and Iceland, and other countries, including Australia and Israel, are
conducting fuel-blending trials.&nbsp;DME&nbsp;is being produced and DME projects are under development in various countries including Japan, Taiwan, Turkey, the United States, Trinidad, India and Indonesia. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe demand potential into energy-related applications and olefins production will continue to grow. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We increased our operating capacity in 2012 and anticipate further increases over the next few years. We recently announced our commitment to add a further 0.7&nbsp;million tonnes of operating capacity to our New
Zealand site through the restart of the Waitara Valley facility and a debottlenecking project at the Motunui site. We are relocating one of our idle Chile facilities to Geismar, Louisiana and the plant is expected to commence operations by the end
of 2014. We are also considering the relocation of a second facility to the Geismar site and expect to make a decision on this project by mid-2013. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Beyond our own capacity additions, there is a modest level of new capacity expected to come on stream over the next few years outside of China. There is a
0.8&nbsp;million tonne plant expected to restart in Channelview, Texas in 2013 and a 0.7&nbsp;million tonne plant expected to start up in Azerbaijan in 2013. We expect that production from new capacity in China will be consumed in that country and
that higher-cost production capacity in China will need to operate in order to satisfy demand growth. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Entering 2013, methanol demand has continued to be
healthy, supported by a higher energy price environment. With few industry capacity additions expected over the next few years relative to expected demand growth, we believe we are well positioned with several of our own initiatives to increase
operating capacity. As production from these initiatives comes on line, we believe our leadership position in the industry will be strengthened and we will have significant upside potential to cash flows and earnings. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The methanol price will ultimately depend on the strength of the global economy, industry operating rates, global energy prices, new supply additions and the
strength of global demand. We believe that our financial position and financial flexibility, outstanding global supply network and competitive cost position will provide a sound basis for Methanex to continue to be the leader in the methanol
industry. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_2"></A>OUR STRATEGY </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Our primary objective is to create value by maintaining and enhancing our leadership in the global production, marketing and delivery of methanol to customers. Our simple, clearly defined strategy &#150; global
leadership, low cost and operational excellence &#150; has helped us achieve this objective. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Global Leadership </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Global leadership is a key element of our strategy. We are focused on maintaining and enhancing our position as the major supplier to the global methanol industry,
enhancing our ability to cost-effectively deliver methanol supply to customers and supporting both traditional and energy-related global methanol demand growth. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We are the leading supplier of methanol to the major international markets in Asia Pacific, North America, Europe and Latin America. Our 2012 sales volumes of 7.5&nbsp;million tonnes represented approximately 15%
of global methanol demand. Our leadership position has enabled us to play an important role in the industry, which includes publishing Methanex reference prices that are generally used in each major market as the basis of pricing for most customer
contracts. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The geographically diverse locations of our production sites allow us to deliver methanol cost-effectively to customers in all major global
markets, while investments in global distribution and supply infrastructure, which include a dedicated fleet of ocean-going vessels and&nbsp;terminal capacity within all major international markets, enable us to enhance value to customers by
providing reliable and secure supply. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A key component of our global leadership strategy is to strengthen our asset position and we have increased our
operating capacity over the last two years. In 2011, we restarted our 0.5&nbsp;million tonne per year Medicine Hat, Alberta facility and the 1.3&nbsp;million tonne per year methanol plant in Egypt commenced operations. In 2012, we restarted a second
facility in New Zealand and this increased our operating capacity in that country by 0.7&nbsp;million tonnes. We have several other initiatives in progress in New Zealand that are expected to increase our operating capacity further and allow us to
reach the site&#146;s full production capacity of 2.4 million tonnes. Our New Zealand facilities are ideally situated to supply the growing Asia Pacific market. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">During 2012, we operated our Chile methanol facilities significantly below site capacity. We expect to idle our Chile operations in March 2013 due to insufficient natural gas feedstock to operate the plant through
the southern hemisphere winter (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Production Summary &#150; Chile </I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">section on page 10 for further information). We are in the process of
relocating one of our four Chile facilities to Geismar, Louisiana. The Geismar facility will have an annual production capacity of approximately 1.0&nbsp;million tonnes and is expected to be operational by the end of 2014. We are also considering
other projects to increase the utilization of our Chile assets, including the potential to relocate an additional facility to the Geismar site. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Another
key component of our global leadership strategy is our ability to supplement methanol production with methanol purchased from third parties to give us flexibility in our supply chain and continue to meet customer commitments. We purchase through a
combination of methanol offtake contracts and spot purchases. We manage the cost of purchased methanol by taking advantage of our global supply chain infrastructure, which allows us to purchase methanol in the most cost-effective region while still
maintaining overall security of supply. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Asia Pacific region continues to lead global methanol demand growth and we have invested in and developed
our presence in this important region. We have storage capacity in China, Korea and Japan that allows us to cost-effectively manage supply to customers and we have offices in Hong Kong, Shanghai, Beijing, Seoul and Tokyo to enhance customer service
and industry positioning in the region. This enables us to participate in and improve our knowledge of the rapidly evolving and high growth methanol markets in China and other Asian countries. Our expanding presence in Asia has also helped us
identify several opportunities to support the development of applications for methanol in the energy sector. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Low Cost
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A low cost structure is an important competitive advantage in a commodity industry and is a key element of our strategy. Our approach to major
business decisions is guided by a drive to improve our cost structure, expand margins and create value for shareholders. The most significant components of total costs are natural gas for feedstock and distribution costs associated with delivering
methanol to customers. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our ownership interest in production facilities in Trinidad and Egypt represents 2.8&nbsp;million tonnes per year of
competitive-cost production capacity. These facilities are well located to supply global methanol markets and are underpinned by natural gas purchase agreements where the gas price varies with methanol prices. This pricing relationship enables these
facilities to be competitive throughout the methanol price cycle. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In January 2013, we entered into a 10-year agreement to purchase all of the natural
gas required for the methanol plant we are relocating to Geismar, Louisiana. The agreement is structured so that the natural gas price is linked to the methanol price, which will enable the </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
project to be profitable across a broad range of methanol prices. We also have a 0.5&nbsp;million tonne facility located in Medicine Hat, Alberta and we believe that the long-term natural gas
dynamics in North America will support the long-term operation of this facility. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The cost to distribute methanol from production locations to customers
is also a significant component of total operating costs. These include costs for ocean shipping, in-market storage facilities and in-market distribution. We are focused on identifying initiatives to reduce these costs, including optimizing the use
of our shipping fleet and taking advantage of prevailing conditions in the shipping market by varying the type and length of term of ocean vessel contracts. We are continuously investigating opportunities to further improve the efficiency and
cost-effectiveness of distributing methanol from our production facilities to customers. We also look for opportunities to leverage our global asset position by entering into product exchanges with other methanol producers to reduce distribution
costs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Operational Excellence </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We maintain a focus on operational excellence in all aspects of our business. This includes excellence in the manufacturing and supply chain processes, marketing
and sales, human resources, corporate governance practices and financial management. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">To differentiate ourselves from competitors, we strive to be the
best operator in all aspects of our business and to be the preferred supplier to customers. We believe that reliability of supply is critical to the success of our customers&#146; businesses and our goal is to deliver methanol reliably and
cost-effectively. We have a commitment to Responsible Care (a risk-minimization approach developed by the Chemistry Industry Association of Canada) and we use it as the umbrella under which we manage issues related to health, safety, the
environment, community involvement, social responsibility, sustainability, security and emergency preparedness at each of our facilities and locations. We believe a commitment to Responsible Care helps us reduce the likelihood of unplanned events
and achieve an excellent overall environmental and safety record. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Product stewardship is a vital component of a Responsible Care culture and guides our
actions through the complete life cycle of our product. We aim for the highest safety standards to minimize risk to employees, customers and suppliers as well as to the environment and the communities in which we do business. We promote the proper
use and safe handling of methanol at all times through a variety of internal and external health, safety and environmental initiatives, and we work with industry colleagues to improve safety standards. We readily share technical and safety expertise
with key stakeholders, including customers, end-users, suppliers, logistics providers and industry associations in the methanol and methanol applications marketplace through active participation in local and international industry associations,
seminars and conferences, and online education initiatives. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">As a natural extension of the Responsible Care ethic, we have a Social Responsibility policy
that aligns corporate governance, employee engagement and development, community involvement and social investment strategies with our core values and corporate strategy. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Our strategy of operational excellence also includes the financial management of the Company. We operate in a highly competitive commodity industry. Accordingly, we believe it is important to maintain financial
flexibility and we have adopted a prudent approach to financial management. During 2012, we issued a total of $600 million of unsecured notes and a portion of the proceeds was used to repay $200 million of unsecured notes. Also during 2012, we
extended the maturity on our undrawn revolving credit facility to 2016 and increased the amount to $400 million. At December&nbsp;31, 2012, we had a strong balance sheet with a cash balance of $746 million, including $36 million relating to the
non-controlling interest in Egypt. We believe we are well positioned to meet our financial commitments and continue investing to grow the Company. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>8</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_3"></A>FINANCIAL HIGHLIGHTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="77%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT AS NOTED)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production (thousands of tonnes) (attributable to Methanex shareholders)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4,071</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,847</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Sales volumes (thousands of tonnes):</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex-produced methanol (attributable to Methanex shareholders)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4,039</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,853</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Purchased methanol</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,565</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,815</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Commission
sales<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">846</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total sales volumes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7,459</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,514</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex average non-discounted posted price ($ per
tonne)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>443</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">440</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Average realized price ($ per tonne)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>382</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">374</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted EBITDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>429</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted cash flows from operating
activities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>403</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">392</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) (attributable to Methanex shareholders)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income per common share ($ per share)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4
5</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic net income (loss) per common share ($ per share)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted net income (loss) per common share ($ per share)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">
</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Common share information (millions of shares):</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average number of common shares</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted weighted average number of common shares</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Number of common shares outstanding, end of period</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Commission sales represent volumes marketed on a commission basis related to the 36.9% of the Atlas methanol facility and 40% of the Egypt methanol facility that
we do not own. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex average non-discounted posted price represents the average of our non-discounted posted prices in North America, Europe and Asia Pacific weighted by
sales volume. Current and historical pricing information is available at www.methanex.com. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Average realized price is calculated as revenue, excluding commissions earned and the Egypt non-controlling interest share of revenue, divided by the total sales
volumes of Methanex-produced (attributable to Methanex shareholders) and purchased methanol. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page 34 for a description of each non-GAAP measure and reconciliations to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">5</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable to Methanex
shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted net income per common share (attributable to Methanex shareholders) stock options have been included in the denominator and the diluted weighted average
number of common shares for the year ended December&nbsp;31, 2012 is 95 million. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_4"></A>PRODUCTION SUMMARY </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The following table details the annual production capacity and actual production of our facilities in 2012 and 2011: </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="62%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">(THOUSANDS OF TONNES)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">ANNUAL<BR>PRODUCTION<BR>CAPACITY<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>New Zealand<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,108</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Atlas (Trinidad) (63.1% interest)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,125</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>826</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">891</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Titan (Trinidad)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">875</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>786</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egypt (60% interest)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">760</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>557</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Medicine Hat (Canada)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>481</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">329</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Chile I, III and IV</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>313</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">554</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Geismar, Louisiana
(USA)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,460</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4,071</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,847</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The annual production capacity of our production facilities may be higher than
original nameplate capacity as, over time, these figures have been adjusted to reflect ongoing operating efficiencies at these facilities. Actual production for a facility in any given year may be higher or lower than annual production capacity due
to a number of factors, including natural gas composition or the age of the facility&#146;s catalyst. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The annual production capacity of New Zealand represents the two facilities at Motunui and the currently idle facility at Waitara Valley. The current operating
capacity of the Motunui facilities is 1.5 million tonnes due to distillation capacity constraints. We recently announced our commitment to restart the Waitara Valley facility and complete a debottlenecking project at the Motunui site, which we
expect will allow our New Zealand operations to operate at their full production capacity of 2.4 million tonnes, depending on natural gas composition. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">3</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The Egypt methanol facility commenced commercial production in March 2011 and the
Medicine Hat facility was restarted in April 2011. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">4</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>We are relocating the Chile II facility to Geismar, Louisiana. The plant is expected
to be operational by the end of 2014. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>9</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>New Zealand </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In New Zealand, we produced 1.1&nbsp;million tonnes of methanol in 2012 compared with 0.8&nbsp;million tonnes in 2011. We have three plants in New Zealand with up
to 2.4&nbsp;million tonnes of annual production capacity. After operating one Motunui facility in 2011, we restarted the second facility in mid-2012 which increased our current operating capacity to 1.5&nbsp;million tonnes. We recently committed to
debottleneck the Motunui facility and restart the Waitara Valley facility and we expect this will allow us to produce at the site&#146;s full production capacity, depending on natural gas composition. Our New Zealand facilities are ideally situated
to supply the growing Asia Pacific market. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have entered into several natural gas purchase agreements with various suppliers to underpin the future
operation of our Motunui and Waitara Valley facilities. Each natural gas purchase agreement has base and variable components, where the gas price varies with methanol prices. We are also pursuing natural gas exploration and development opportunities
in that country. We have an agreement with Kea Petroleum, an oil and gas exploration and development company, to explore areas of the Taranaki basin, which is close to our plants. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Trinidad </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our equity ownership of methanol facilities in Trinidad represents 2.0&nbsp;million
tonnes of competitive-cost annual capacity. The Titan and Atlas facilities in Trinidad are well located to supply global methanol markets and are underpinned by take-or-pay natural gas purchase agreements that expire in 2014 and 2024, respectively,
where the gas price varies with methanol prices. These facilities produced a total of 1.6&nbsp;million tonnes in each of 2012 and 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Atlas
facility experienced an equipment failure in 2011. During 2012, the plant undertook two outages to repair the equipment failure and overcome a technical issue. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">During 2011 and 2012, we experienced some natural gas curtailments to our Trinidad facilities due to a mismatch between upstream commitments to supply The National Gas Company of Trinidad and Tobago Limited (NGC)
and downstream demand from NGC&#146;s customers, which becomes apparent when an upstream supplier has a technical issue or planned maintenance that reduces gas delivery. We are engaged with key stakeholders to find a solution to this issue, but in
the meantime expect to continue to experience some gas curtailments to the Trinidad site. Refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Risk Factors and Risk Management &#150; Trinidad</I></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"> section on page 24 for more information. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Egypt </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have a 60% equity interest in the 1.26&nbsp;million tonne per year methanol plant in Egypt and have marketing rights for 100% of the production. This facility is
well located to supply the European market and is underpinned by a 25-year take-or-pay natural gas purchase agreement where the gas price varies with methanol prices. Production from the Egypt facility in 2012 was lower than capacity due to planned
and unplanned maintenance outages and natural gas supply restrictions. Refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Risk Factors and Risk Management&nbsp;&#150; Egypt </I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">section on
page 25 for more information. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Medicine Hat, Canada </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We restarted the Medicine Hat, Alberta facility in 2011 and it operated well in 2012, producing 0.5&nbsp;million tonnes. We are currently debottlenecking the Medicine Hat facility which we expect will add a further
0.1&nbsp;million tonnes of annual production capacity by the end of the third quarter of 2013. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Chile </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, we operated our Chile methanol facilities significantly below annual production capacity due to insufficient natural gas feedstock. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2007, our natural gas suppliers from Argentina curtailed all gas supply to our plants in Chile. Under the existing circumstances, we do not expect to receive any
further natural gas supply from Argentina. As a result of the Argentinean natural gas supply issues, all of the methanol production at our Chile facilities since June 2007 has been produced with natural gas from Chile. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Over the past few years, investments have been made by us and others to accelerate the exploration and development of natural gas in southern Chile. However, the
potential for a significant increase in gas production is more challenging than we had originally </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>10</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
anticipated. As a result of the short-term outlook for gas supply in Chile, we expect to idle our Chile operations in March 2013 due to insufficient natural gas feedstock to keep the plant
operating through the southern hemisphere winter. We are continuing to work with Empresa Nacional del Petroleo (ENAP) and others to secure sufficient natural gas to sustain our operations, and while the restart of a Chile plant is possible later in
2013, the restart is dependent on securing a sustainable natural gas position to operate over the medium term. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The future of our Chile operations is
primarily dependent on the level of exploration and development in southern Chile and our ability to secure a sustainable natural gas supply to our facilities on economic terms. Refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Risk
Factors and Risk Management&nbsp;&#150; Chile </I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">section on page 25 for more information. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_5"></A>HOW WE ANALYZE OUR BUSINESS </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our operations consist of a single
operating segment &#150; the production and sale of methanol. We review our financial results by analyzing changes in the components of Adjusted EBITDA (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Supplemental Non-GAAP
Measures</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 34 for a description of Adjusted EBITDA and a reconciliation to the most comparable GAAP measure), mark-to-market impact of share-based compensation, Louisiana project
relocation expenses and charges, asset impairment charges, depreciation and amortization, finance costs, finance income and other expenses, and income taxes. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In addition to the methanol that we produce at our facilities (&#147;Methanex-produced methanol&#148;), we also purchase and re-sell methanol produced by others (&#147;purchased methanol&#148;) and we sell methanol
on a commission basis. We analyze the results of all methanol sales together, excluding commission sales volumes. The key drivers of change in Adjusted EBITDA are average realized price, cash costs and sales volume, which are defined and calculated
as follows: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #4c4c4c; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#0054f9"><B>PRICE</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c; BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The change in Adjusted EBITDA as a result of changes in average realized
price is calculated as the difference from period to period in the selling price of methanol multiplied by the current period total methanol sales volume excluding commission sales volume plus the difference from period to period in commission
revenue.</FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#0054f9"><B>CASH&nbsp;COSTS</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The change in Adjusted EBITDA as a result of changes in cash costs is calculated as the difference from
period to period in cash costs per tonne multiplied by the current period total methanol sales volume excluding commission sales volume in the current period. The cash costs per tonne is the weighted average of the cash cost per tonne of
Methanex-produced methanol and the cash cost per tonne of purchased methanol. The cash cost per tonne of Methanex-produced methanol includes absorbed fixed cash costs per tonne and variable cash costs per tonne. The cash cost per tonne of purchased
methanol consists principally of the cost of methanol itself. In addition, the change in Adjusted EBITDA as a result of changes in cash costs includes the changes from period to period in unabsorbed fixed production costs, consolidated selling,
general and administrative expenses and fixed storage and handling costs.</FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#0054f9"><B>VOLUME</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The change in Adjusted EBITDA as a result of changes in sales volume is calculated as the difference
from period to period in total methanol sales volume, excluding commission sales volumes, multiplied by the margin per tonne for the prior period. The margin per tonne for the prior period is the weighted average margin per tonne of
Methanex-produced methanol and margin per tonne of purchased methanol. The margin per tonne for Methanex-produced methanol is calculated as the selling price per tonne of methanol less absorbed fixed cash costs per tonne and variable cash costs per
tonne. The margin per tonne for purchased methanol is calculated as the selling price per tonne of methanol less the cost of purchased methanol per tonne.</FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:1px"><FONT SIZE="1">&nbsp;</FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We own 63.1% of the Atlas methanol facility and market the remaining 36.9% of its production through a commission offtake agreement.
We account for this investment using proportionate consolidation, which results in 63.1% of its results being included in revenues and expenses with the remaining 36.9% portion included as commission income. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We own 60% of the 1.26&nbsp;million tonne per year Egypt methanol facility and market the remaining 40% of its production through a commission offtake agreement. We
account for this investment using consolidation accounting, which results in 100% of the revenues and expenses being included in our financial statements with the other investors&#146; interest in the methanol facility being presented as
&#147;non-controlling interests&#148;. For the purposes of analyzing our business, Adjusted EBITDA and Adjusted cash flows from operating activities exclude the amounts associated with the other investors&#146; 40% non-controlling interest, which
are included in commission income on a consistent basis with how we present the Atlas facility. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_6"></A>FINANCIAL RESULTS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, we reported Adjusted EBITDA of $429 million and Adjusted net income of $180 million ($1.90 per share on a diluted basis),
compared with Adjusted EBITDA of $427 million and Adjusted net income of $182 million ($1.93 per share on a diluted basis) for the year ended December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In addition, we recorded a non-cash before-tax asset impairment charge of $297 million ($193 million after-tax) related to the carrying value of our Chile assets and a before-tax $65 million charge to earnings
related to Louisiana project relocation expenses and charges ($41 million after-tax). Including these items, we reported a net loss attributable to Methanex shareholders for the year ended December&nbsp;31, 2012 of $68 million ($0.73 loss per share
on a diluted basis), compared with net income attributable to Methanex shareholders for the year ended December&nbsp;31, 2011 of $201 million ($2.06 income per share on a diluted basis). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We calculate Adjusted EBITDA and Adjusted net income by excluding amounts associated with the 40% non-controlling interest in Egypt that we do not own, the mark-to-market impact of share-based compensation as a
result of changes in our share price and items that are considered by management to be non-operational, including asset impairment charges and Louisiana project relocation expenses and charges. Refer to the </FONT><FONT
STYLE="font-family:arial" SIZE="1"><I>Supplemental Non-GAAP Measures</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page&nbsp;34 for further discussion on how we calculate these measures. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted net income and the calculation of Adjusted diluted net income per common
share is as follows: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributable to Methanex shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mark-to-market impact of share-based compensation, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation expenses and charges, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-cash charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net
income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted weighted average shares outstanding (millions)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted diluted net income per common share<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.93</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page&nbsp;34 for a description of the non-GAAP measures and a reconciliation to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December 31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable to Methanex
shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted diluted net income per common share (attributable to Methanex shareholders) stock options have been included in the denominator and the diluted weighted
average number of common shares for the year ended December&nbsp;31, 2012 is 95 million. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We review our financial results by analyzing changes in the components of Adjusted EBITDA,
mark-to-market impact of share-based compensation, Louisiana project relocation expenses and charges, asset impairment charges, depreciation and amortization, finance costs, finance income and other expenses, and income taxes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>12</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A summary of our consolidated statements of income for 2012 and 2011 is as follows:
</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="77%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Consolidated statements of income:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of sales and operating expenses, excluding mark-to-market impact of share-based
compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(2,171</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,128</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Comprised of:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted EBITDA (attributable to Methanex
shareholders)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>429</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Amounts attributable to non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mark-to-market impact of share-based compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(297</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(157</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating income (loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(48</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">344</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance income and other expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax recovery (expense)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>84</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributable to Methanex shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page&nbsp;34 for a description of the non-GAAP measures and a reconciliation to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Revenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">There are many factors that impact our global and regional revenue levels. The methanol business is a global commodity industry affected by supply and demand fundamentals. Due to the diversity of the end products
in which methanol is used, demand for methanol largely depends upon levels of industrial production, energy prices and changes in general economic conditions, which can vary across the major international methanol markets. Methanol prices have been
relatively stable over the past two years and our revenue for 2012 was $2.7 billion compared with 2011 revenue of $2.6 billion. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g478148g51t97.jpg" ALT="LOGO">
 </P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>13</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Global methanol demand grew approximately 5% in 2012, to approximately 51&nbsp;million
tonnes, excluding methanol demand from integrated methanol-to-olefins facilities. Increases in demand were driven by both traditional derivatives and energy-related applications in Asia, particularly in China. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Industry supply additions outside of China in 2012 consisted primarily of the restart of our second Motunui facility in New Zealand, which added 0.7&nbsp;million
tonnes to the site&#146;s operating capacity on an annualized basis, and the restart of a 0.7&nbsp;million tonne facility in Beaumont, Texas. New production from supply additions inside China was consumed in that country and China continued to be a
significant net importer of methanol. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Overall, industry conditions were balanced in 2012 and this led to a relatively stable methanol pricing
environment. Our average realized price for 2012 was $382 per tonne compared with $374 per tonne in 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The methanol industry is highly competitive
and prices are affected by supply and demand fundamentals. We publish regional non-discounted reference prices for each major methanol market and these posted prices are reviewed and revised monthly or quarterly based on industry fundamentals and
market conditions. Most of our customer contracts use published Methanex reference prices as a basis for pricing, and we offer discounts to customers based on various factors. Our average non-discounted published reference price for 2012 was $443
per tonne compared with $440 per tonne in 2011. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Distribution of Revenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The geographic distribution of revenue by customer location for 2012 was similar to 2011. Details are as follows: </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="57%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="8" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT WHERE NOTED)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canada</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">176</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>United States</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>563</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">632</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Europe</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>772</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>29</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">679</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>China</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>409</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>15</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Korea</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>286</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">267</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other Asia</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>188</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">155</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Latin America</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">268</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Adjusted EBITDA (Attributable to Methanex Shareholders) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">2012 Adjusted EBITDA was $429 million compared with $427 million in 2011. The key drivers of changes in our Adjusted EBITDA are average realized price, sales volume
and cash costs as described below (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>How We Analyze Our Business</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page&nbsp;11 for more information). </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="85%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012&nbsp;<SMALL>VS</SMALL>.&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Average realized price</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
57</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Sales volume</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total cash
costs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Increase in Adjusted EBITDA</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Average Realized Price </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Our average realized price for the year ended December&nbsp;31, 2012 was $382 per tonne compared with $374 per tonne for 2011, and this increased Adjusted EBITDA by $57 million (refer to the </FONT><FONT
STYLE="font-family:arial" SIZE="1"><I>Revenue</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 13 for more information). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Sales Volumes </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanol sales volumes, excluding commission sales volumes, for the year ended
December&nbsp;31, 2012 were 64,000 tonnes lower than in 2011, and this decreased Adjusted EBITDA by $5 million. Including commission sales volumes from the Atlas and Egypt facilities, our total methanol sales volumes were 7.5&nbsp;million tonnes in
both 2012 and 2011. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>14</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Total Cash Costs </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The primary drivers of changes in our total cash costs are changes in the cost of methanol we produce at our facilities (Methanex-produced methanol) and changes in
the cost of methanol we purchase from others (purchased methanol). All of our production facilities except Medicine Hat are underpinned by natural gas purchase agreements with pricing terms that include base and variable price components. We
supplement our production with methanol produced by others through methanol offtake contracts and purchases on the spot market to meet customer needs and support our marketing efforts within the major global markets. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have adopted the first-in, first-out method of accounting for inventories and it generally takes between 30 and 60 days to sell the methanol we produce or
purchase. Accordingly, the changes in Adjusted EBITDA as a result of changes in Methanex-produced and purchased methanol costs primarily depend on changes in methanol pricing and the timing of inventory flows. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The changes in our total cash costs for 2012 compared with 2011 were due to the following: </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="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012&nbsp;<SMALL>VS</SMALL>.&nbsp;2011</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex-produced methanol costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Purchased methanol costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Proportion of Methanex-produced methanol sales</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other, net</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Increase in total cash costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Methanex-Produced Methanol Costs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Natural gas is the primary feedstock at our methanol facilities and is the most significant component of Methanex-produced methanol costs. We purchase natural gas for the New Zealand, Trinidad, Egypt and Chile
methanol facilities under natural gas purchase agreements where the unique terms of each contract include a base price and a variable price component linked to the price of methanol to reduce our commodity price risk exposure. The variable price
component of each gas contract is adjusted by a formula related to methanol prices above a certain level. We believe these pricing relationships enable each facility to be competitive throughout the methanol price cycle. Methanex-produced methanol
costs were higher in 2012 compared with 2011 by $34 million, primarily due to the impact of higher realized methanol prices on our natural gas costs and a change in the mix of production sold from inventory. For additional information regarding our
natural gas supply agreements refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Summary of Contractual Obligations and Commercial Commitments</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 21. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Purchased Methanol Costs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A key element of
our corporate strategy is global leadership, and as such we have built a leading market position in each of the major global markets where methanol is sold. We supplement our production with purchased methanol through methanol offtake contracts and
on the spot market to meet customer needs and support our marketing efforts within the major global markets. In structuring purchase agreements, we look for opportunities that provide synergies with our existing supply chain that allow us to
purchase methanol in the lowest-cost region. The cost of purchased methanol consists principally of the cost of the methanol itself, which is directly related to the price of methanol at the time of purchase. As a result of higher methanol prices in
2012, and the timing of purchases, the cost of purchased methanol per tonne increased and this decreased Adjusted EBITDA by $22 million compared with 2011. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Proportion of Methanex-Produced Methanol Sales </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The cost of purchased methanol is directly
linked to the selling price for methanol at the time of purchase and the cost of purchased methanol is generally higher than the cost of Methanex-produced methanol. Accordingly, an increase in the proportion of Methanex-produced methanol sales
results in a decrease in our overall cost structure for a given period. The proportion of Methanex-produced methanol sales for the year ended 2012 was higher compared with 2011 and this increased Adjusted EBITDA by $36 million. We increased our
sales volumes of methanol produced at the New Zealand, Egypt and Medicine Hat facilities and this more than offset the decrease in sales volumes from the Chile facility. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>15</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Other, Net </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our investment in global distribution and supply infrastructure includes a dedicated fleet of ocean-going vessels. We utilize these vessels to enhance value to
customers by providing reliable and secure supply and to optimize supply chain costs overall. For the year ended December&nbsp;31, 2012 compared with 2011, ocean freight and other logistics costs were higher by $10 million, primarily as a result of
a one-time charge to earnings to terminate a time charter vessel lease contract. In addition to changes in fuel prices, logistics costs can vary from period to period depending on the levels of production from each of our production facilities and
the resulting impact on our supply chain. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We experienced an equipment failure at our Atlas facility in July 2011. Our operations are covered by business
interruption insurance and we finalized our claim related to this event in 2012. We recorded a $17 million recovery in 2011 related to this event with the remaining $11 million recorded in 2012. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In October 2012, we completed a restructuring of our Chile operations which reduced the size of our workforce and resulted in a $5 million charge to earnings in
2012. The remaining change in other cash costs is primarily due to the timing of recognizing fixed manufacturing costs in earnings. We allocate fixed manufacturing costs to inventory based on the normal operating capacity of our manufacturing
facilities. During 2012, primarily due to our Chile and Egypt facilities operating below capacity for certain periods, a portion of fixed manufacturing costs were charged directly to earnings rather than to inventory and this decreased Adjusted
EBITDA in 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Mark-to-Market Impact of Share-Based Compensation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We grant share-based awards as an element of compensation. Share-based awards granted include stock options, share appreciation rights, tandem share appreciation rights, deferred share units, restricted share units
and performance share units. For all the share-based awards, share-based compensation is recognized over the related vesting period for the proportion of the service that has been rendered at each reporting date. Share-based compensation includes an
amount related to the grant-date value and a mark-to-market impact as a result of subsequent changes in the Company&#146;s share price. The grant-date value amount is included in Adjusted EBITDA and Adjusted net income. The mark-to-market impact of
share-based compensation as a result of changes in our share price is excluded from Adjusted EBITDA and Adjusted net income and analyzed separately. </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"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT AS NOTED)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Corporation share price<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.87</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.82</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Grant-date fair value expense included in Adjusted EBITDA</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mark-to-market impact due to change in share price</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total share-based compensation expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>US dollar share price of Methanex Corporation as quoted on NASDAQ Global Market on the
last trading day of the respective period. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For stock options, the cost is measured based on an estimate of the fair value at the date of grant
using the Black-Scholes option pricing model, and this grant-date fair value is recognized as compensation expense over the related vesting period with no subsequent re-measurement in fair value. Accordingly, share-based compensation expense
associated with stock options will not vary significantly from period to period. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Share appreciation rights (SARs) and tandem share appreciation rights
(TSARs) are units that grant the holder the right to receive a cash payment upon exercise for the difference between the market price of the Company&#146;s common shares and the exercise price, which is determined at the date of grant. The fair
values of SARs and TSARs are re-measured each quarter using the Black-Scholes option pricing model, which considers the market value of the Company&#146;s common shares on the last trading day of each quarter. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred, restricted and performance share units are grants of notional common shares that are redeemable for cash based on the market value of the Company&#146;s
common shares and are non-dilutive to shareholders. Performance share units have an additional feature where the ultimate number of units that vest will be determined by the Company&#146;s total shareholder return in relation to a predetermined
target over the period to vesting. The number of units that will ultimately vest will be in the range of 50% to 120% of the original grant. For deferred, restricted and performance share units, the value is initially measured at the grant date and
subsequently re-measured based on the market value of the Company&#146;s common shares on the last trading day of each quarter. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Louisiana Project Relocation Expenses and Charges </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In July 2012, we reached a final investment decision to proceed with the project to relocate an idle Chile facility to Geismar, Louisiana. The project will add
approximately one million tonnes of operating capacity and is expected to be operational by the end of 2014. Under IFRS, certain costs associated with relocating an asset are not eligible for capitalization and are required to be charged directly to
earnings. During 2012, we charged $39 million ($23 million after-tax) of Louisiana project relocation expenses directly to earnings. In addition, a non-cash charge of $26 million ($18 million after-tax) was recorded to earnings in 2012 related to
the carrying value of the Chile facility that is being relocated to Louisiana. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Asset Impairment Charge </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">As a result of the continuing challenges related to securing a sustainable natural gas supply in Chile, we recorded a non-cash before-tax asset impairment charge of
$297 million ($193 million after-tax) to write down the carrying value of our Chile assets at December&nbsp;31, 2012 to $245 million. The remaining $245 million carrying value excludes the first Chile facility that is being relocated to Geismar,
Louisiana but includes the second facility that management is also considering for relocation to Geismar. Refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Critical Accounting Estimates &#150; Recoverability of Asset Carrying
Values</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 33 for more information. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Depreciation and Amortization
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation and amortization was $172 million for the year ended December&nbsp;31, 2012 compared with $157 million for the same period in 2011. The
increase in depreciation and amortization in 2012 compared with 2011 is primarily a result of depreciation associated with the Egypt (100% basis) and Medicine Hat methanol facilities, which commenced operations in the first and second quarters of
2011, respectively, and depreciation associated with the second Motunui facility in New Zealand, which commenced operations in the third quarter of 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Finance Costs </B></FONT></P>
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<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs before capitalized interest</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Less capitalized interest</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Finance costs before capitalized interest primarily relate to interest expense on the unsecured notes and limited recourse debt
facilities. Capitalized interest in 2012 relates to interest costs capitalized for the Louisiana project while capitalized interest in 2011 relates to the Egypt project. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Finance Income and Other Expenses </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Finance income and other expenses were $1 million and $2
million, respectively, for the years ended December&nbsp;31, 2012 and 2011. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Income Taxes </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A summary of our income taxes for 2012 compared with 2011 is as follows: </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="35%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="12" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Y<SMALL>EAR</SMALL> E<SMALL>NDED</SMALL> D<SMALL>EC</SMALL> 31, 2012</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT WHERE NOTED)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>A<SMALL>MOUNTS</SMALL>&nbsp;<SMALL>EXCLUDING</SMALL>&nbsp;
L<SMALL>OUISIANA</SMALL>&nbsp;P<SMALL>ROJECT</SMALL><BR>R<SMALL>ELOCATION</SMALL> E<SMALL>XPENSES</SMALL> <SMALL>AND</SMALL> C<SMALL>HARGES</SMALL><BR><SMALL>AND</SMALL> A<SMALL>SSET</SMALL> I<SMALL>MPAIRMENT</SMALL>
C<SMALL>HARGE</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>L<SMALL>OUISIANA</SMALL>&nbsp;P<SMALL>ROJECT</SMALL>&nbsp;
R<SMALL>ELOCATION</SMALL><BR>E<SMALL>XPENSES</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;C<SMALL>HARGES</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;A<SMALL>SSET</SMALL><BR>I<SMALL>MPAIRMENT</SMALL> C<SMALL>HARGE</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>T<SMALL>OTAL</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) before income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(362</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(118</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax recovery (expense)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income
(loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(234</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Effective tax rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>35</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>17</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</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="33%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="12"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Y<SMALL>EAR</SMALL> E<SMALL>NDED</SMALL> D<SMALL>EC</SMALL> 31, 2011</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT WHERE NOTED)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">A<SMALL>MOUNTS</SMALL>&nbsp;<SMALL>EXCLUDING</SMALL>&nbsp;L<SMALL>OUISIANA</SMALL>&nbsp;
P<SMALL>ROJECT</SMALL><BR>R<SMALL>ELOCATION</SMALL> E<SMALL>XPENSES</SMALL> <SMALL>AND</SMALL> C<SMALL>HARGES</SMALL><BR><SMALL>AND</SMALL> A<SMALL>SSET</SMALL> I<SMALL>MPAIRMENT</SMALL> C<SMALL>HARGE</SMALL></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">L<SMALL>OUISIANA</SMALL>&nbsp;P<SMALL>ROJECT</SMALL>&nbsp;R<SMALL>ELOCATION</SMALL><BR>E<SMALL>XPENSES</SMALL>&nbsp;
<SMALL>AND</SMALL>&nbsp;C<SMALL>HARGES</SMALL>&nbsp;<SMALL>AND</SMALL>&nbsp;A<SMALL>SSET</SMALL><BR>I<SMALL>MPAIRMENT</SMALL> C<SMALL>HARGE</SMALL></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">T<SMALL>OTAL</SMALL></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income before income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">284</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income
<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Effective tax rate</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, the effective tax rate excluding income taxes related to Louisiana project relocation
expenses and charges and the asset impairment charge was 18% compared with 20% for the year ended December&nbsp;31, 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We earn the majority of our
pre-tax earnings in New Zealand, Trinidad, Egypt, Canada and Chile. In Trinidad and Chile, the statutory tax rate is 35%, and in Egypt, the statutory tax rate is 25%. Our Atlas facility in Trinidad has partial relief from corporation income tax
until 2014. We have significant loss carryforwards in Canada and New Zealand that have not been recognized for accounting purposes. During 2012, we earned a higher proportion of our consolidated income from methanol produced in jurisdictions with
low effective tax rates and this contributed to a lower effective tax rate compared with 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In Chile, the tax rate consists of a first-tier tax that
is payable when income is earned and a second-tier tax that is due when earnings are distributed from Chile. The second category tax is initially recorded as future income tax expense and is subsequently reclassified to current income tax expense
when earnings are distributed. Accordingly, the ratio of Chile&#146;s current income tax expense to total income tax expense is dependent on the level of cash distributed from Chile. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">For additional information regarding income taxes, refer to note 17 of our 2012 consolidated financial statements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_7"></A>LIQUIDITY AND CAPITAL RESOURCES </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A summary of our consolidated
statements of cash flows is as follows: </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP> before changes in
non-cash working capital<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from financing activities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividend payments</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest paid, including interest rate swap settlements</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net proceeds on issue of long-term debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>590</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Repayment of long-term debt and limited recourse debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(251</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>165</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from investing activities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(134</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(126</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project expenditures</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(74</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas properties</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>GeoPark repayments</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital relating to investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(228</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(143</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Increase in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>395</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">351</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page&nbsp;34 for a description of the non-GAAP measures and a reconciliation to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Cash Flow Highlights </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Cash Flows from Operating Activities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash
flows from operating activities for the year ended December&nbsp;31, 2012 were $458 million compared with $480 million for 2011. The decrease in cash flows from operating activities is primarily due to lower net income (loss), after excluding
depreciation and amortization, Louisiana project relocation non-cash charges, asset impairment charges and finance costs, and changes in non-cash working capital. The following table provides a summary of these items for 2012 and 2011: </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="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Add (deduct) non-cash items:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation non-cash charges, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge, net of tax</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities before changes in non-cash working capital<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>436</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">444</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other receivables</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(59</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Inventories</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>27</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Prepaid expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(4</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accounts payable and accrued liabilities, including long-term payables</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">137</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted cash flows from operating activities (attributable to Methanex shareholders)<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>403</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">392</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>These items are non-GAAP measures that do not have any standardized meaning prescribed
by GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page&nbsp;34 for a description of the non-GAAP measures and a reconciliation to the most
comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For a discussion of the changes in net income (loss), depreciation and amortization, Louisiana project
relocation expenses and charges, asset impairment charges and finance costs, refer to the analysis of our financial results on page 12. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in
non-cash working capital increased cash flows from operating activities by $22 million for the year ended December&nbsp;31, 2012 compared with $36 million for the year ended December&nbsp;31, 2011. Trade and other receivables increased in 2012 and
this decreased cash flows from operating activities by $45 million, primarily due to the impact on customer receivables of a higher average realized methanol price. Inventories decreased primarily due to a lower volume of purchased methanol in
ending inventory and this increased cash flows from operating activities by $27 million. Accounts payable and accrued liabilities, including long-term payables increased cash flows from operating activities by $44&nbsp;million, primarily due to the
impact of higher methanol prices on natural gas supply payables. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted cash flows from operating activities were $403 million for 2012 compared with
$392 million for 2011 (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Supplemental Non-GAAP Measures</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 34 for a reconciliation of cash flows from operating activities
to adjusted cash flows from operating activities). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Cash Flows from Financing Activities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, we increased our regular quarterly dividend by 9% to $0.185 per share, beginning with the dividend payable on June&nbsp;30, 2012. Total dividend
payments in 2012 were $68 million compared with $62 million in 2011. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Also during 2012, we issued two separate tranches of unsecured notes bearing
interest rates of 5.25% (effective yield of 5.3%) and 3.25% (effective yield of 3.4%), respectively. The $250 million and $350 million of unsecured notes are due on March&nbsp;1, 2022 and December&nbsp;15, 2019, respectively. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, we repaid $200 million of unsecured notes bearing an interest rate of 8.75% and $51 million of other limited recourse debt. The other limited recourse
debt consisted of $34 million of Egypt limited recourse debt facilities, $15 million of Atlas limited recourse debt facilities and $2 million of other limited recourse debt compared with total repayments in 2011 of $50 million. We have entered into
interest rate swap contracts to swap the LIBOR-based interest payments on the Egypt limited recourse debt facilities for an average aggregated fixed rate of 4.8% plus a spread on approximately 75% of the Egypt limited recourse debt facilities for
the period to March&nbsp;31, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
2015 (refer to the </FONT><FONT STYLE="font-family:arial" SIZE="1"><I>Financial Instruments</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 23 for more information). The cash
settlements associated with these interest rate swap contracts during 2012 and 2011 were included in interest paid of $65 million. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Cash Flows from Investing Activities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During
2012, we reached a final investment decision to proceed with the project to relocate an idle Chile facility to Geismar, Louisiana with an estimated project cost of approximately $550 million. During 2012, we incurred $113 million of expenditures in
relation to the project, of which $74 million was capitalized to property, plant and equipment with the remaining amount charged to earnings. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Also
during 2012, we incurred a total of $68 million to increase our production capability in New Zealand. We restarted a second Motunui facility in mid-2012 and recently announced our commitment to further increase capacity with the debottleneck of the
Motunui site and the restart of the Waitara Valley facility. We also incurred $66 million of costs associated with turnarounds, catalyst and maintenance activities at our other facilities. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We incurred a total of $33 million in 2012 related to our share of oil and gas expenditures in southern Chile. In addition to other exploration blocks in which we are participating, we have an agreement with ENAP
to invest in natural gas exploration and development in the Dorado Riquelme exploration block in southern Chile. Under the arrangement, we fund a 50% participation in the block and receive 100% of the natural gas produced in the block. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We also have agreements with GeoPark Chile Limited (GeoPark) under which we have provided $57&nbsp;million in financing to support and accelerate GeoPark&#146;s
natural gas exploration and development activities in southern Chile. During 2012, GeoPark repaid approximately $10&nbsp;million, bringing cumulative repayments for this financing to $50 million as at December&nbsp;31, 2012. We have no further
obligations to provide funding to GeoPark. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Liquidity and Capitalization </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Our objectives in managing liquidity and capital are to provide financial capacity and flexibility to meet our strategic objectives, to provide an adequate return to shareholders commensurate with the level of risk
and to return excess cash through a combination of dividends and share repurchases. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The following table provides information on our liquidity and
capitalization position as at December&nbsp;31, 2012 and December&nbsp;31, 2011: </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="79%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT WHERE NOTED)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liquidity:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Undrawn credit facilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">200</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liquidity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,146</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">551</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Capitalization:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unsecured notes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>739</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Limited recourse debt facilities, including current portion</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>506</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">554</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interest</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>188</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">197</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,290</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,405</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total capitalization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,723</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,505</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total debt to capitalization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net debt to
capitalization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Defined as total debt (including 100% of Egypt limited recourse debt facilities)
divided by total capitalization. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Defined as total debt (including 100% of Egypt limited recourse debt facilities) less
cash and cash equivalents divided by total capitalization less cash and cash equivalents. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We manage our liquidity and capital structure and make adjustments to it in light of changes to
economic conditions, the underlying risks inherent in our operations and the capital requirements to maintain and grow our business. The strategies we employ include the issue or repayment of general corporate debt, the issue of project debt, the
issue of equity, the payment of dividends and the repurchase of shares. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are not subject to any statutory capital requirements and have no commitments
to sell or otherwise issue common shares except pursuant to outstanding employee stock options. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>20</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We operate in a highly competitive commodity industry and believe that it is
appropriate to maintain a conservative balance sheet and retain financial flexibility. At December&nbsp;31, 2012, we had a strong balance sheet with a cash balance of $746 million, including $36 million relating to the non-controlling interest in
Egypt, and a $400 million undrawn credit facility. We invest our cash only in highly rated instruments that have maturities of three months or less to ensure preservation of capital and appropriate liquidity. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, our long-term debt obligations included $750 million in unsecured notes ($150 million that matures in 2015, $350 million that matures in
2019 and $250 million that matures in 2022), $450 million related to the Egypt limited recourse debt facilities (100% basis), $50&nbsp;million related to the Atlas limited recourse debt facilities and $17 million of other limited recourse debt.
</FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have covenant and default provisions on our long-term debt obligations and we also have certain covenants that could restrict access to the credit
facility. The Egypt limited recourse debt facilities contain a covenant to complete by March&nbsp;31, 2013 certain land title registrations and related mortgages that require action by Egyptian government entities and which we do not expect to
complete by March&nbsp;31, 2013. The Company is seeking a waiver from the lenders. We do not believe the finalization of these items is material to the security provided to the lenders. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, management believes the Company was in compliance with all of the covenants and default provisions related to its long-term debt obligations. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our planned capital maintenance expenditure program directed towards maintenance, turnarounds and catalyst changes for existing operations is currently estimated to
total approximately $160 million to the end of 2013, including major refurbishments at some of our plants. In July 2012, we reached a final investment decision to proceed with the project to relocate an idle Chile facility to Geismar, Louisiana with
estimated project costs of approximately $550 million. The plant is expected to be operational by the end of 2014 and during 2012 we spent $113 million on the project. We are in the process of debottlenecking the Medicine Hat, Canada and Motunui,
New Zealand facilities and restarting the Waitara Valley facility. These projects will result in additional capital expenditures of approximately $100 million by the end of 2013. We believe that we have the financial capacity to fund these growth
initiatives with cash on hand, cash generated from operations and the undrawn bank facility. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe we are well positioned to meet our financial
commitments, invest to grow the Company and continue to deliver on our commitment to return excess cash to shareholders. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Summary of
Contractual Obligations and Commercial Commitments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A summary of the estimated amount and estimated timing of cash flows related to our contractual
obligations and commercial commitments as at December&nbsp;31, 2012 is as follows: </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">


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<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD VALIGN="bottom" WIDTH="3%"></TD>
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<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2013</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2014-2015</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2016-2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AFTER&nbsp;2017</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">TOTAL</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt repayments</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">262</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">101</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">852</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,268</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt interest obligations</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">99</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">327</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Repayments of other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">30</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">110</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">88</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">247</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Natural gas and other</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">263</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">366</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,020</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,915</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating lease commitments</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">124</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">170</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">134</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">281</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">709</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,007</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,343</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,466</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Long-Term Debt Repayments and Interest Obligations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We have $150 million of unsecured notes that mature in 2015, $350 million of unsecured notes that mature in 2019 and $250 million of unsecured notes that mature in 2022. The remaining debt repayments represent the
total expected principal repayments relating to the Egypt project debt, our proportionate share of expected principal repayments related to the Atlas limited recourse debt facilities and other limited recourse debt. Interest obligations related to
variable interest rate long-term debt were estimated using current interest rates in effect at December&nbsp;31, 2012. For additional information, refer to note 9 of our 2012 consolidated financial statements. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Repayments of Other Long-Term Liabilities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Repayments of other long-term liabilities represent contractual payment dates or, if the timing is not known, we have estimated the timing of repayment based on
management&#146;s expectations. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Natural Gas and Other </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have commitments under take-or-pay contracts to purchase natural gas and to pay for transportation capacity related to this natural gas. We also have take-or-pay
contracts to purchase oxygen and other feedstock requirements in Trinidad. Take-or-pay means that we are obliged to pay for the supplies regardless of whether we take delivery. Such commitments are common in the methanol industry. These contracts
generally provide a quantity that is subject to take-or-pay terms that is lower than the maximum quantity that we are entitled to purchase. The amounts disclosed in the table represent only the minimum take-or-pay quantity. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The natural gas supply contracts for our facilities in New Zealand, Trinidad and Egypt are take-or-pay contracts denominated in United States dollars and include
base and variable price components to reduce our commodity price risk exposure. The variable price component of each natural gas contract is adjusted by a formula related to methanol prices above a certain level. We believe this pricing relationship
enables these facilities to be competitive at all points in the methanol price cycle and provides gas suppliers with attractive returns. The amounts disclosed in the table for these contracts represent only the base price component. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have a program in place to purchase natural gas on the Alberta gas market to support the Medicine Hat facility and we believe that the long-term natural gas
dynamics in North America will support the long-term operation of this facility. In the above table, we have included natural gas commitments at the contractual volumes and prices. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We also have arrangements with ENAP and GeoPark to accelerate natural gas exploration and development in southern Chile. Under the arrangements, we contribute capital to fund the exploration and development and
have contracts to purchase any natural gas discovered. As we cannot determine the amount of natural gas that will be purchased under these agreements in the future, no amounts have been included in the above table. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The above table does not include costs for planned capital maintenance or expansion expenditures or any obligations with original maturities of less than one year.
</FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have supply contracts that expire between 2017 and 2025 with Argentinean suppliers for natural gas sourced from Argentina for a significant portion
of the capacity of our facilities in Chile. We have excluded these potential purchase obligations from the table above. Since June 2007, our natural gas suppliers from Argentina have curtailed all gas supply to our plants in Chile. Under the current
circumstances, we do not expect to receive any further natural gas supply from Argentina. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We also have contracts with ENAP to supply natural gas to
produce approximately 0.8&nbsp;million tonnes of methanol at our facilities in Chile. Over the last few years, deliveries from ENAP have been declining and ENAP has delivered significantly less than the full amount of natural gas that it was
obligated to deliver under these contracts. We have excluded the potential purchase obligations from the table above. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have marketing rights for 100%
of the production from our jointly owned Atlas and Egypt plants which results in purchase commitments of an additional 1.2&nbsp;million tonnes per year of methanol offtake supply when these plants operate at capacity. At December&nbsp;31, 2012, we
also have methanol purchase commitments with other suppliers under contracts for approximately 0.5&nbsp;million tonnes for 2013 and 2.6&nbsp;million tonnes thereafter. The pricing under these purchase commitments is referenced to pricing at the time
of purchase or sale, and accordingly, no amounts have been included in the above table. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are in the process of relocating one of the idled Chile
methanol plants to Geismar, Louisiana. It is anticipated that this plant will have a production capacity of 1.0&nbsp;million tonnes and commence operations by the end of 2014. Subsequent to December&nbsp;31, 2012, we entered into a ten-year natural
gas agreement for the supply of all of the plant&#146;s natural gas requirements. Contractual deliveries and obligations under the contract commence on the first date of commercial operations. Also subsequent to December 31, 2012, we entered into a
natural gas purchase agreement to support the restart of the 0.5 million tonne per year Waitara Valley facility in New Zealand. No amounts have been included in the above table related to these contracts. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Operating Lease Commitments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The majority of
these commitments relate to time charter vessel agreements with terms of up to 15 years. Time charter vessels typically meet most of our ocean-shipping requirements. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Off-Balance Sheet Arrangements </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, we did not have any off-balance sheet arrangements, as defined by applicable securities regulators in Canada and the United States, that
have, or are reasonably likely to have, a current or future material effect on our results of operations or financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Financial Instruments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A financial
instrument is any contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. Financial instruments are either measured at amortized cost or fair value. Held-to-maturity investments,
loans and receivables and other financial liabilities are measured at amortized cost. Held-for-trading financial assets and liabilities and available-for-sale financial assets are measured on the balance sheet at fair value. From time to time we
enter into derivative financial instruments to limit our exposure to commodity price, foreign exchange and variable interest rate volatility and to contribute towards achieving cost structure and revenue targets. Until settled, the fair value of
derivative financial instruments will fluctuate based on changes in commodity prices, foreign exchange rates and variable interest rates. Derivative financial instruments are classified as held-for-trading and are recorded on the Consolidated
Statements of Financial Position at fair value unless exempted. Changes in fair value of held-for-trading derivative financial instruments are recorded in earnings unless the instruments are designated as cash flow hedges. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The following table shows the carrying value of each of our categories of financial assets and liabilities and the related balance sheet item as at
December&nbsp;31, 2012 and December&nbsp;31, 2011: </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"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Loans and receivables:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">351</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other receivables, excluding tax receivable and current portion of GeoPark financing</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>371</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Project financing reserve accounts included in other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>GeoPark financing, including current portion</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>8</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial
assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,170</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">742</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other financial liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade, other payables and accrued liabilities, excluding tax payable</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>339</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">306</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred gas payments included in other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>83</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt, including current portion</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">903</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities held-for-trading:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative instruments designated as cash flow hedges<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,700</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,302</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">The carrying amount of the financial assets represents the maximum exposure to credit risk at the respective reporting periods. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The euro hedges and the Egypt interest rate swaps designated as cash flow hedges are
measured at fair value based on industry accepted valuation models and inputs obtained from active markets. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, all of the financial instruments were recorded on the Consolidated
Statements of Financial Position at amortized cost with the exception of held-for-trading derivative financial instruments, which are recorded at fair value. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Egypt limited recourse debt facilities bear interest at LIBOR plus a spread. We have entered into interest rate swap contracts to swap the LIBOR-based interest payments for an average aggregated fixed rate of
4.8% plus a spread on approximately 75% of the Egypt limited recourse debt facilities for the period to March&nbsp;31, 2015. These interest rate swaps had outstanding notional amounts of $342 million as at December&nbsp;31, 2012. The notional amount
decreases over the expected repayment of the Egypt limited recourse debt facilities. At December&nbsp;31, 2012, these interest rate swap contracts had a negative fair value of $33 million (December 31, 2011 &#150; negative $42 million) recorded in
other long-term liabilities. The fair value of these interest rate swap contracts will fluctuate until maturity. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company also designates as cash
flow hedges forward exchange contracts to sell euros at a fixed US dollar exchange rate. At December&nbsp;31, 2012, the Company had outstanding forward exchange contracts designated as cash flow hedges to sell a notional amount of 5.8&nbsp;million
euros in exchange for US dollars and these euro contracts had a negative fair value of $0.2 million (2011 &#150; positive fair value of $0.3 million) recorded in trade, other payables and accrued liabilities. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>23</B></FONT><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in the fair value of derivative financial instruments designated as cash flow
hedges have been recorded in other comprehensive income. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_8"></A>RISK FACTORS AND RISK MANAGEMENT </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are subject to risks that require prudent risk management. We believe the following risks, in addition to those described in the </FONT><FONT
STYLE="font-family:arial" SIZE="1"><I>Critical Accounting Estimates</I></FONT><FONT STYLE="font-family:ARIAL" SIZE="1"> section on page 32, to be among the most important for understanding the issues that face our business and our approach to risk
management. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Security of Natural Gas Supply and Price </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Natural gas is the principal feedstock for producing methanol and it accounts for a significant portion of our operating costs. Accordingly, our results from operations depend in large part on the availability and
security of supply and the price of natural gas. If, for any reason, we are unable to obtain sufficient natural gas for any of our plants on commercially acceptable terms or we experience interruptions in the supply of contracted natural gas, we
could be forced to curtail production or close such plants, which could have an adverse effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>New Zealand </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have three plants in New Zealand with a total production capacity of up to
2.4&nbsp;million tonnes per year. Two plants are located at Motunui and the third is located at nearby Waitara Valley. In 2012, we restarted a second Motunui facility and we recently committed to debottleneck the Motunui site and restart the Waitara
Valley facility. Upon completion of the current projects in New Zealand, we expect to be able to operate the site at its annual production capacity of 2.4 million tonnes, depending on natural gas composition. We have entered into several agreements
with various suppliers to underpin our New Zealand operations with terms that range in length up to ten years. All agreements in New Zealand are take-or-pay agreements and include base and variable price components where the variable price component
is adjusted by a formula related to methanol prices above a certain level. We believe this pricing relationship enables these facilities to be competitive at all points in the methanol price cycle and provides gas suppliers with attractive returns.
Certain of these contracts require the supplier to deliver a minimum amount of natural gas with additional volumes dependent on the success of exploring and developing the related natural gas field. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We continue to pursue opportunities to contract additional natural gas supply to our plants in New Zealand and are also pursuing natural gas exploration and
development opportunities in that country. We have an agreement with Kea Petroleum, an oil and gas exploration and development company, to explore areas of the Taranaki basin, which is close to our plants. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The future operation of our New Zealand facilities depends on methanol industry supply and demand, the ability of our contracted suppliers to meet their
commitments, and the success of ongoing exploration and development activities. We cannot provide assurance that our contracted suppliers will be able to meet their commitments or that the ongoing exploration and development activities in New
Zealand will be successful to enable our operations to operate at capacity. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Trinidad </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Natural gas for our two methanol production facilities in Trinidad, with our share of total production capacity being 2.0&nbsp;million tonnes per year, is supplied
under long-term contracts with NGC. The contracts for Titan and Atlas expire in 2014 and 2024, respectively, and have base and variable price components where the variable portion changes with methanol prices. Although Titan and Atlas are located
close to other natural gas reserves in Trinidad, which we believe could be a source of supply after the expiration of these natural gas supply contracts, we cannot provide assurance that we would be able to secure access to such natural gas under
long-term contracts on commercially acceptable terms and that this will not have an adverse impact on our results of operations and financial condition. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Since 2011, large industrial consumers in Trinidad, including our Titan and Atlas facilities, have experienced periodic curtailments of natural gas supply due to a
mismatch between upstream commitments to supply NGC and downstream demand from NGC&#146;s customers, which becomes apparent when an upstream supplier has a technical issue or planned maintenance that reduces gas delivery. We are engaged with key
stakeholders to find a solution to this issue, but in the meantime expect to continue to experience some gas curtailments to our Trinidad facilities. We cannot provide assurance that we will not experience longer or greater than
</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
anticipated curtailments due to upstream outages or other issues in Trinidad and that these curtailments will not be material and that this would not have an adverse impact on our results of
operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Egypt </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Natural gas for the 1.26&nbsp;million tonne per year production facility in Egypt, which commenced commercial production in March 2011, is supplied under a 25-year contract with the government-owned Egyptian
Natural Gas Holding&nbsp;Company (EGAS).&nbsp;The contractual gas price includes base and variable price components where the variable portion changes with methanol prices. Natural gas is supplied to this facility from the same gas delivery grid
infrastructure&nbsp;that supplies&nbsp;other industrial users in Egypt, as well as the general&nbsp;Egyptian population. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Egypt facility experienced
periodic natural gas supply constraints commencing in mid-2012 and since that time has operated below full capacity. Egypt&#146;s government is currently in a transition, which has resulted in ongoing civil unrest, political uncertainty and an
adverse impact on the country&#146;s economy.&nbsp;We believe that the political uncertainty is causing delays in decision-making within the Egyptian government including with respect to upstream natural gas development and this, as well as the
economic situation in the country, is contributing to constraints in the development of new supplies of natural gas coming to market.&nbsp;In addition, domestically produced natural gas is increasingly being used instead of more expensive imported
energy for the purpose of generating domestic electricity. These factors have led to periodic natural gas supply restrictions to the EMethanex facility.&nbsp;This situation may persist in the future and become more acute during the summer months
when electricity demand is at its peak. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Canada </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We restarted our 0.5&nbsp;million tonne per year facility in Medicine Hat, Alberta in April 2011. We have a program in place to purchase natural gas on the Alberta gas market and we believe that the long-term
natural gas dynamics in North America will support the long-term operation of this facility. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The future operation of our Medicine Hat facility depends
on methanol industry supply and demand and our ability to secure sufficient natural gas on commercially acceptable terms. There can be no assurance that we will be able to continue to secure sufficient natural gas for our Medicine Hat facility on
commercially acceptable terms and that this will not have an adverse impact on our results of operations and financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Chile </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Since 2007, we have operated our
methanol facilities in Chile significantly below site capacity primarily due to curtailments of natural gas supply from Argentina. In June 2007, our natural gas suppliers from Argentina curtailed all gas supply to our plants in Chile. Under the
existing circumstances, we do not expect to receive any further natural gas supply from Argentina. As a result of the Argentinean natural gas supply issues, all of the methanol production at our Chile facilities since June 2007 has been produced
with natural gas from Chile. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Over the past few years, investments have been made by us and others to accelerate the exploration and development of
natural gas in southern Chile. However, the potential for a significant increase in gas production is more challenging than we had originally anticipated. As a result of the short-term outlook for gas supply in Chile, we expect to idle our Chile
operations in March 2013 due to insufficient natural gas feedstock to keep our plant operating through the southern hemisphere winter. We are continuing to work with ENAP and others to secure sufficient natural gas to sustain our operations, and
while the restart of a Chile plant is possible later in 2013, the restart is dependent on securing a sustainable natural gas position to operate over the medium term. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The future of our Chile operations is primarily dependent on the level of exploration and development in southern Chile and our ability to secure a sustainable natural gas supply to our facilities on economic
terms. We cannot provide assurance that we will be able to restart our Chile operations later in 2013 and that this will not have an adverse impact on our results of operations or financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>United States </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are in the process of
relocating one of our idled Chile methanol plants to Geismar, Louisiana. It is anticipated that this plant will have a production capacity of 1.0&nbsp;million tonnes and commence operations by the end of 2014. We have recently entered into a
ten-year natural gas agreement for the supply of all of the plant&#146;s natural gas requirements. Contractual deliveries and obligations commence on the first </FONT></P>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25</B></FONT><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
date of commercial operations. Once the contract is in effect, the supplier is obligated to supply, and we are obliged to take and pay for, a specified annual quantity of natural gas. The price
to be paid for the gas is based on a US dollar base price plus a variable price component that is determined with reference to methanol prices. We cannot provide assurance that the facility will commence commercial operations on the planned date or
that our natural gas supplier will supply the contracted gas and that this will not have an adverse impact on our results of operations or financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Methanol Price Cyclicality and Methanol Supply and Demand </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The methanol business is a highly
competitive commodity industry and prices are affected by supply and demand fundamentals. Methanol prices have historically been, and are expected to continue to be, characterized by cyclicality. New methanol plants are expected to be built and this
will increase overall production capacity. Additional methanol supply can also become available in the future by restarting idle methanol plants, carrying out major expansions of existing plants or debottlenecking existing plants to increase their
production capacity. Historically, higher-cost plants have been shut down or idled when methanol prices are low, but there can be no assurance that this practice will occur in the future. Demand for methanol largely depends upon levels of global
industrial production, changes in general economic conditions and the level of energy prices. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are not able to predict future methanol supply and
demand balances, market conditions, global economic activity, methanol prices or energy prices, all of which are affected by numerous factors beyond our control. Since methanol is the only product we produce and market, a decline in the price of
methanol would have an adverse effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Global Economic Conditions
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Volatile global economic conditions over the past few years have added significant risks and uncertainties to our business, including risks and
uncertainties related to the global supply and demand for methanol, its impact on methanol prices, changes in capital markets and corresponding effects on our investments, our ability to access existing or future credit and increased risk of
defaults by customers, suppliers and insurers. While the demand for methanol grew in 2012 and methanol prices were relatively stable, there can be no assurance that future global economic conditions will not have an adverse impact on the methanol
industry and that this will not have an adverse impact on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Methanol Demand
</B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Demand for Methanol &#150; General </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Methanol is a global commodity and customers base their purchasing decisions principally on the delivered price of methanol and reliability of supply. Some of our competitors are not dependent on revenues from a
single product and some have greater financial resources than we do. Our competitors also include state-owned enterprises. These competitors may be better able than we are to withstand price competition and volatile market conditions. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Changes in environmental, health and safety laws, regulations or requirements could impact methanol demand. The US Environmental Protection Agency (EPA) is
currently evaluating the human health effects of methanol as part of a standard review of chemicals under its Integrated Risk Information System (IRIS). Methanol is currently unclassified under IRIS. A draft assessment for methanol was released by
the EPA in 2010 classifying methanol as &#147;Likely to Be Carcinogenic to Humans.&#148; As of 2010, the EPA&#146;s draft methanol assessment was placed &#147;on hold.&#148; In 2011, the EPA announced that it was dividing the draft assessment for
methanol into carcinogenic and non-carcinogenic assessments. The timeline for the carcinogenic assessment remains unknown while the non-carcinogenic assessment is expected in 2013. We are unable to determine whether the current draft classification
will be maintained in the final assessment or if this will lead other government agencies to reclassify methanol. Any reclassification could reduce future methanol demand, which could have an adverse effect on our results of operations and financial
condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Demand for Methanol in the Production of Formaldehyde </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In 2012, methanol demand for the production of formaldehyde represented approximately 32% of global demand. The largest use for formaldehyde is as a component of urea-formaldehyde and phenol-formaldehyde resins,
which are used in adhesives for plywood, particleboard, oriented strand board, medium-density fibreboard and other reconstituted or engineered wood products. There is also demand for formaldehyde as a raw material for engineering plastics and in the
manufacture of a variety of other products, including elastomers, paints, building products, foams, polyurethane and automotive products. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
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<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The current EPA IRIS carcinogenicity classification for formaldehyde is &#147;Likely to
Be Carcinogenic to Humans;&#148; however, the EPA is reviewing this classification for formaldehyde as part of a standard review of chemicals. In 2010, the EPA released its draft formaldehyde assessment, proposing formaldehyde as &#147;Known to be
Carcinogenic to Humans.&#148; The release of the final assessment of formaldehyde is expected in 2013. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2009, the US National Cancer Institute (NCI)
published a report on the health effects of occupational exposure to formaldehyde and a possible link to leukemia, multiple myeloma and Hodgkin&#146;s disease. The NCI report concluded that there may be an increased risk of cancers of the blood and
bone marrow related to a measure of peak formaldehyde exposure. The NCI report is the first part of an update of the 2004 NCI study that indicated possible links between formaldehyde exposure and nasopharyngeal cancer and leukemia. The NCI has not
outlined its expected schedule with regards to the second portion of the study, which focuses on nasopharyngeal cancer and other cancers. The International Agency for Research on Cancer also concluded that there is sufficient evidence in humans of a
causal association of formaldehyde with leukemia. In 2011, the US Department of Health and Human Services&#146; National Toxicology Program released its 12th Report on Carcinogens, modifying its listing of formaldehyde from &#147;Reasonably
Anticipated to be a Human Carcinogen&#148; to &#147;Known to be a Human Carcinogen.&#148; </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are unable to determine at this time if the EPA or other
governments or government agencies will reclassify formaldehyde or what limits could be imposed related to formaldehyde emissions in the United States or elsewhere. Any such actions could reduce future methanol demand for use in producing
formaldehyde, which could have an adverse effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Demand for Methanol in the
Production of MTBE </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In 2012, methanol demand for the production of MTBE represented approximately 12% of global methanol demand. Demand growth has
been strong, particularly in China. MTBE is used primarily as a source of octane and as an oxygenate for gasoline to reduce the amount of harmful exhaust emissions from motor vehicles. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Several years ago, environmental concerns and legislative action related to gasoline leaking into water supplies from underground gasoline storage tanks in the United States resulted in the phase-out of MTBE as a
gasoline additive in the United States. We believe that methanol has not been used in the United States to make MTBE for use in domestic fuel blending since 2007. However, approximately 0.7&nbsp;million tonnes of methanol was used in the United
States in 2012 to produce MTBE for export markets, where demand for MTBE has continued at strong levels. While we currently expect demand for methanol for MTBE production in the United States for 2013 to remain steady, it could decline materially if
export demand was impacted by legislation or policy changes. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Additionally, the EPA in the United States is preparing an IRIS review of the human health
effects of MTBE, including its potential carcinogenicity. The timeline for the final report is currently unknown. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The European Union issued a final risk
assessment report on MTBE in 2002 that permitted the continued use of MTBE, although several risk-reduction measures relating to the storage and handling of fuels were recommended. Governmental efforts in recent years in some countries, primarily in
the European Union and Latin America, to promote biofuels and alternative fuels through legislation or tax policy put competitive pressures on the use of MTBE in gasoline in these countries. However, due to strong MTBE demand in other countries,
particularly in Asia, we have observed methanol demand growth for MTBE production. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Although MTBE demand has remained strong outside of the United
States, we cannot provide assurance that further legislation banning or restricting the use of MTBE or promoting alternatives to MTBE will not be passed or that negative public perceptions will not develop outside of the United States, either of
which could lead to a decrease in the global demand for methanol for use in MTBE. Declines in demand for methanol for use in MTBE could have an adverse effect on our results of operations and financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Foreign Operations </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The majority of our
operations and investments are located outside of North America, in New Zealand, Trinidad, Egypt, Chile, Europe and Asia. We are subject to risks inherent in foreign operations such as loss of revenue, property and equipment as a result of
expropriation; import or export restrictions; anti-dumping measures; nationalization, war, insurrection, civil unrest, terrorism and other political risks; increases in duties, taxes and governmental royalties; renegotiation of contracts with
governmental entities; as well as changes in laws </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>27</B></FONT><FONT
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<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
or policies or other actions by governments that may adversely affect our operations. Many of the foregoing risks related to foreign operations may also exist for our domestic operations in North
America. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Because we derive the majority of our revenues from production and sales by subsidiaries outside of Canada, the payment of dividends or the
making of other cash payments or advances by these subsidiaries may be subject to restrictions or exchange controls on the transfer of funds in or out of the respective countries or result in the imposition of taxes on such payments or advances.
</FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have organized our foreign operations in part based on certain assumptions about various tax laws (including capital gains and withholding taxes),
foreign currency exchange and capital repatriation laws and other relevant laws of a variety of foreign jurisdictions. While we believe that such assumptions are reasonable, we cannot provide assurance that foreign taxation or other authorities will
reach the same conclusion. Further, if such foreign jurisdictions were to change or modify such laws, we could suffer adverse tax and financial consequences. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The dominant currency in which we conduct business is the United States dollar, which is also our reporting currency. The most significant components of our costs are natural gas feedstock and ocean-shipping costs
and substantially all of these costs are incurred in United States dollars. Some of our underlying operating costs, purchases of methanol and capital expenditures, however, are incurred in currencies other than the United States dollar, principally
the Canadian dollar, the Chilean peso, the Trinidad and Tobago dollar, the New Zealand dollar, the euro and the Egyptian pound. We are exposed to increases in the value of these currencies that could have the effect of increasing the United States
dollar equivalent of cost of sales and operating expenses and capital expenditures. A portion of our revenue is earned in euros, Canadian dollars and British pounds. We are exposed to declines in the value of these currencies compared to the United
States dollar, which could have the effect of decreasing the United States dollar equivalent of our revenue. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Trade in methanol is subject to duty in a
number of jurisdictions. Methanol sold in China from any of our producing regions is currently subject to duties ranging from 0% to 5.5%. In 2010, the Chinese Ministry of Commerce investigated allegations made by domestic Chinese producers related
to the dumping into China of imported methanol. In December 2010, the Ministry recommended that duties of approximately 9% be imposed on methanol imports from New Zealand, Malaysia and Indonesia for five years starting from December&nbsp;24, 2010.
However, citing special circumstances, the Customs Tariff Commission of the State Council, which is China&#146;s chief administrative authority, suspended enforcement of the recommended dumping duties with the effect that methanol will continue to
be allowed to be imported from these three countries without the imposition of additional duties. If the suspension is lifted, we do not expect there to be a significant impact on industry supply/demand fundamentals and we would realign our supply
chain to minimize the payment of duties. However, we cannot provide assurance that the suspension will not be lifted or that the Chinese government will not impose duties or other measures in the future, which actions could have an adverse effect on
our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanol is a globally traded commodity that is produced by many producers at facilities located in
many countries around the world. Some producers and marketers may have direct or indirect contacts with countries that may, from time to time, be subject to international trade sanctions or other similar prohibitions (&#147;Sanctioned
Countries&#148;). In addition to the methanol we produce, we purchase methanol from third parties under purchase contracts or on the spot market in order to meet our commitments to customers, and we also engage in product exchanges with other
producers and marketers. We believe that we are in compliance with all applicable laws with respect to sales and purchases of methanol and product exchanges. However, as a result of the participation of Sanctioned Countries in our industry, we
cannot provide assurance that we will not be exposed to reputational or other risks that could have an adverse impact on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Liquidity Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, we entered into a $400 million revolving credit facility with a
syndicate of banks, which remains undrawn at December&nbsp;31, 2012. The facility expires in December 2016 and our ability to access the facility is subject to certain financial covenants, including an EBITDA to interest coverage ratio and a debt to
capitalization ratio, as defined. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, our long-term debt obligations include $750 million in
unsecured notes ($150 million that matures in 2015, $350 million that matures in 2019 and $250 million that matures in 2022), $450 million related to the Egypt limited recourse debt facilities (100% basis), $50&nbsp;million related to the Atlas
limited recourse debt facilities (63.1% basis) and $17 million related to other limited recourse debt. The covenants governing the unsecured notes, which are specified in an indenture, apply to the Company and its subsidiaries, excluding the Atlas
joint venture and Egypt entity (&#147;limited recourse subsidiaries&#148;), and include restrictions on liens, sale and lease-back transactions, a merger or consolidation with another corporation or sale of all or substantially all of the
Company&#146;s assets. The indenture also contains customary default provisions. The Atlas and Egypt limited recourse debt facilities are described as limited recourse as they are secured only by the assets of the Atlas joint venture and the Egypt
entity, respectively. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its other subsidiaries. The Atlas and Egypt limited recourse debt facilities have customary covenants and default provisions
that apply only to these entities, including restrictions on the incurrence of additional indebtedness, a requirement to fulfill certain conditions before the payment of cash or other distributions and a restriction on these distributions if there
is a default subsisting. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Egypt limited recourse debt facilities contain a covenant to complete by March&nbsp;31, 2013 certain land title
registrations and related mortgages that require action by Egyptian government entities and which we do not expect to complete by March 31, 2013. We do not believe that the finalization of these items is material to the security provided to the
lenders. The Company is seeking a waiver from the lenders. We cannot provide assurance that we will be able to obtain a waiver from the lenders. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For
additional information regarding long-term debt, refer to note 9 of our 2012 consolidated financial statements. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We cannot provide assurance that we will
be able to access new financing in the future or that the financial institutions providing the credit facility will have the ability to honour future draws. Additionally, failure to comply with any of the covenants or default provisions of the
long-term debt facilities described above could result in a default under the applicable credit agreement that would allow the lenders to not fund future loan requests and to accelerate the due date of the principal and accrued interest on any
outstanding loans. Any of these factors could have a material adverse effect on our results of operations, our ability to pursue and complete strategic initiatives or on our financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Customer Credit Risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our customers are
large global or regional petrochemical manufacturers or distributors and a number are highly leveraged. We monitor our customers&#146; financial status closely; however, some customers may not have the financial ability to pay for methanol in the
future and this could have an adverse effect on our results of operations and financial condition. Although credit losses have not been significant in the past, this risk still exists. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Operational Risks </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Production Risks </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Most of our earnings are derived from the sale of methanol produced at our plants. Our business is subject to the risks of operating methanol production facilities,
such as equipment breakdowns, interruptions in the supply of natural gas and other feedstocks, power failures, longer-than-anticipated planned maintenance activities, loss of port facilities, natural disasters or any other event, including
unanticipated events beyond our control, that could result in a prolonged shutdown of any of our plants or impede our ability to deliver methanol to our customers. A prolonged plant shutdown at any of our major facilities could have an adverse
effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Purchased Product Price Risk </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In addition to the sale of methanol produced at our plants, we also purchase methanol produced by others on the spot market and through purchase contracts to meet
our customer commitments and support our marketing efforts. We have adopted the first-in, first-out method of accounting for inventories and it generally takes between 30 and 60 days to sell the methanol we purchase. Consequently, we have the risk
of holding losses on the resale of this product to the extent that methanol prices decrease from the date of purchase to the date of sale. Holding losses, if any, on the resale of purchased methanol could have an adverse effect on our results of
operations and financial condition. </FONT></P>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>29</B></FONT><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Distribution Risks </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Excess capacity within our fleet of ocean vessels resulting from a prolonged plant shutdown or other event could have an adverse effect on our results of operations
and financial condition as our vessel fleet is subject to fixed time charter costs. In the event we have excess shipping capacity, we may be able to mitigate some of the excess costs by entering into sub-charters or third-party backhaul
arrangements, although the success of this mitigation is dependent on conditions within the broader global shipping industry. If we suffer any disruptions in our distribution system and are unable to mitigate these costs this could have an adverse
effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Insurance Risks </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Although we maintain operational and construction insurances, including business interruption insurance and delayed start-up insurance, we cannot provide assurance
that we will not incur losses beyond the limits of, or outside the coverage of, such insurance or that insurers will be financially capable of honouring future claims. From time to time, various types of insurance for companies in the chemical and
petrochemical industries have not been available on commercially acceptable terms or, in some cases, have been unavailable. We cannot provide assurance that in the future we will be able to maintain existing coverage or that premiums will not
increase substantially. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Construction Projects and Louisiana Relocation Project </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe that our estimates of project costs and anticipated completion dates for our expansion projects in New Zealand, Medicine Hat and Louisiana are
reasonable. However, we cannot provide any assurance that the cost estimates will not be exceeded or that the facilities will begin commercial production within the anticipated schedules, if at all, or that the facilities will operate at their
designed capacity or on a sustained basis. Any changes to the expected timing of completion or cost to complete these projects could have an adverse impact on results of operations and financial condition. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>New Capital Projects </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">As part of our
strategy to strengthen our position as the global leader in the production and marketing of methanol, we intend to continue pursuing new opportunities to enhance our strategic position in the methanol industry. Our ability to successfully identify,
develop and complete new capital projects is subject to a number of risks, including finding and selecting favourable locations for new facilities or relocation of existing facilities where sufficient natural gas and other feedstock is available
through long-term contracts with acceptable commercial terms, obtaining project or other financing on satisfactory terms, constructing and completing the projects within the contemplated budgets and schedules and other risks commonly associated with
the design, construction and start-up of large complex industrial projects. We cannot provide assurance that we will be able to identify or develop new methanol projects. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Environmental Regulation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The countries in which we operate all have laws and regulations to
which we are subject governing the environment and the management of natural resources as well as the handling, storage, transportation and disposal of hazardous or waste materials. We are also subject to laws and regulations governing emissions and
the import, export, use, discharge, storage, disposal and transportation of toxic substances. The products we use and produce are subject to regulation under various health, safety and environmental laws. Non-compliance with these laws and
regulations may give rise to compliance orders, fines, injunctions, civil liability and criminal sanctions. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Laws and regulations protecting the
environment have become more stringent in recent years and may, in certain circumstances, impose absolute liability rendering a person liable for environmental damage without regard to negligence or fault on the part of such person. Such laws and
regulations may also expose us to liability for the conduct of, or conditions caused by, others, or for our own acts even if we complied with applicable laws at the time such acts were performed. To date, environmental laws and regulations have not
had a significant adverse effect on our capital expenditures, earnings or competitive position. However, operating petrochemical manufacturing plants and distributing methanol exposes us to risks in connection with compliance with such laws and we
cannot provide assurance that we will not incur significant costs or liabilities in the future. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>30</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Management of Emissions </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe that minimizing emissions and waste from our business activities is good business practice. Carbon dioxide (&#147;CO2&#148;) is a by-product of the
methanol production process. The amount of CO2 generated by the methanol production process depends on the production technology (and hence often the plant age), the feedstock and any export of by-product hydrogen. We continually strive to increase
the energy efficiency of our plants, which not only reduces the use of energy but also reduces CO2 emissions. We have reduced CO2 emission intensity in our manufacturing operations by 30% between 1994 and 2012&nbsp;through asset turnover, improved
plant reliability and energy efficiency and emissions management. Plant efficiency, and thus CO2 emissions, is highly dependent on the design of the methanol plant. Therefore, the CO2 emission figure may vary from year to year depending on the asset
mix that is operating. We also recognize that CO2 is generated from our marine operations, and in that regard we measure the consumption of fuel by our ocean vessels based on the volume of product transported. Between 2002 and 2012, we reduced our
CO2 intensity (tonnes of CO2 from fuel burned per tonne of product moved) from marine operations by nearly 27%.&nbsp;We also actively support global industry efforts to voluntarily reduce both energy consumption and CO2 emissions. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We manufacture methanol in New Zealand, Trinidad, Egypt, Canada and Chile. All of these countries signed and ratified the Kyoto Protocol; however, Canada has since
removed itself from that Agreement. We are not currently required to reduce greenhouse gases (GHG) in Trinidad, Egypt and Chile, but our production in New Zealand and Canada is subject to GHG reduction regulations. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">New Zealand passed legislation to establish an Emissions Trading Scheme (&#147;ETS&#148;) that came into force in 2010. The ETS imposes a carbon price on producers
of fossil fuels, including natural gas, which is passed on to Methanex, increasing the cost of gas that Methanex purchases in New Zealand. However, as a trade-exposed company, Methanex is entitled to a free allocation of emissions units to partially
offset those increased costs. Recently, the New Zealand government concluded that the legislation will continue providing further moderation and free allocation of any residual cost exposure until at least 2015. Consequently, our ETS-related costs
are not expected to be significant to the end of 2015. However, after this date, the moderating features are expected to be removed and our eligibility for free allocation of emissions units may also be progressively reduced. As a consequence, we
may incur increasing costs after 2015. It is impossible to accurately quantify the impact on our business of ETS-related costs after 2015 and therefore we cannot provide assurance that the ETS will not have a significant impact on our results of
operations and financial condition beyond 2015. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Medicine Hat is located in the Canadian province of Alberta, which has an established GHG reduction
regulation that applies to our plant. The regulation requires that facilities reduce emissions intensities by up to 12% of their established emissions intensity baseline. &#147;Emissions intensity&#148; means the quantity of specified GHGs released
per unit of production. In order to meet the reduction obligation, a facility can choose to make emissions reduction improvements or it can purchase either offset credits or &#147;technology fund&#148; credits for CDN$15 per tonne of CO2 equivalent.
Financial obligations are set to begin in 2014 and based on the expected GHG baseline intensity, we do not believe that, when applied, the cost will be significant. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The federal government of Canada is in the process of developing a sector-by-sector approach to reduce GHG emissions in support of its commitment to reduce GHGs from 2005 levels by 17% by 2020.&nbsp;Final proposed
regulations are expected by the end of 2013.&nbsp;As the sole methanol producer in Canada, Methanex is engaged in a consultative process to ensure achievable performance standards are set and that these incorporate equivalency agreements with
existing regulations in Alberta to prevent the potential of paying double for GHG emissions under both provincial and federal regimes. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We are currently
in the process of relocating one of our idle methanol plants in Chile to Geismar, Louisiana. The reassembled plant in Geismar is expected to be operational by the end of 2014.&nbsp;Today, there is no GHG legislation that impacts our business in the
United States. We continue to monitor the development of potential GHG legislation in the US and Louisiana to ensure compliance with any potential future requirements once the plant becomes operational. At this time, it unknown what impact, if any,
potential new GHG legislation or regulation could have on our operations in Geismar. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We cannot provide assurance over ongoing compliance with existing
legislation or that future laws and regulations to which we are subject governing the environment and the management of natural resources as well as the handling, storage, transportation and disposal of hazardous or waste materials will not have an
adverse effect on our results of operations and financial condition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Legal Proceedings </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Board of Inland Revenue of&nbsp;Trinidad and Tobago has issued assessments against our 63.1% owned joint venture, Atlas Methanol Company Unlimited
(&#147;Atlas&#148;), in respect of the 2005 and 2006 financial years.&nbsp;All subsequent tax years remain open to assessment. The </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31</B></FONT><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
assessments relate to the pricing arrangements of certain long-term fixed-price sales contracts that extend to 2014 and 2019 related to methanol produced by Atlas. The impact of the amounts in
dispute for the 2005 and 2006 financial years is not significant. Atlas has partial relief from corporation income tax until 2014. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has
lodged objections to the assessments.&nbsp;Based on the merits of the cases and&nbsp;legal interpretation, management believes its position should be sustained. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_9"></A>CRITICAL ACCOUNTING ESTIMATES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe the following selected
accounting policies and issues are critical to understanding the estimates, assumptions and uncertainties that affect the amounts reported and disclosed in our consolidated financial statements and related notes. See note 2 to our 2012 consolidated
financial statements for our significant accounting policies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Property, Plant and Equipment </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Our business is capital intensive and has required, and will continue to require, significant investments in property, plant and equipment. At December&nbsp;31,
2012, the net book value of our property, plant and equipment was $2,015 million. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Capitalization </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Property, plant and equipment are initially recorded at cost. The cost of purchased equipment includes expenditures that are directly attributable to the purchase
price, delivery and installation. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to the location and condition for their intended use, the costs of
dismantling and removing the items and restoring the site on which they are located, and borrowing costs on self-constructed assets that meet certain criteria. Routine repairs and maintenance costs are expensed as incurred. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, we have accrued $22.6 million for site restoration costs relating to the decommissioning and reclamation of our methanol production sites
and oil and gas properties. Inherent uncertainties exist in this estimate because the restoration activities will take place in the future and there may be changes in governmental and environmental regulations and changes in removal technology and
costs. It is difficult to estimate the future costs of these activities as our estimate of fair value is based on current regulations and technology. Because of uncertainties related to estimating the cost and timing of future site restoration
activities, future costs could differ materially from the amounts estimated. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#4c4c4c"><B>Depreciation and Amortization </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation and amortization is generally provided on a straight-line basis at rates calculated to amortize the cost of property, plant and equipment from the
commencement of commercial operations over their estimated useful lives to estimated residual value. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The estimated useful lives of the Company&#146;s
buildings, plant installations and machinery, excluding costs related to turnarounds, range from 10 to 25 years depending on the specific asset component and the production facility to which it is related. The Company determines the estimated useful
lives of individual asset components based on the shorter of its physical life or economic life. The physical life of these assets is generally longer than the economic life. The economic life is primarily determined by the nature of the natural gas
feedstock available to our various production facilities. Factors that influence the nature of natural gas feedstock availability include the terms of individual natural gas supply contracts, access to natural gas supply through open markets,
regional factors influencing the exploration and development of natural gas, and the expected price of securing natural gas supply. We review the factors related to each production facility on an annual basis to determine if changes are required to
the estimated useful lives. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Oil and Gas Properties </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Exploration and evaluation costs incurred for oil and natural gas exploration properties that do not have proven reserves are capitalized to other assets. Upon determination of proven reserves and internal approval
for development, these costs are transferred to property, plant and equipment. Costs are also transferred to property, plant and equipment and become subject to depreciation when the associated properties have been deemed abandoned by management.
Subsequent costs incurred for oil&nbsp;and natural gas properties with proven reserves are capitalized to property, plant and equipment. Oil and gas costs included in property, plant and equipment are depreciated using a unit-of-production method,
taking into consideration estimated proven reserves and estimated future development costs. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>32</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Proven and probable reserves for oil and natural gas properties are estimated based on
independent reserve reports and represent the estimated quantities of natural gas that are considered commercially feasible. These reserve estimates are used to determine depreciation and to assess the carrying value of oil and natural gas
properties. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Recoverability of Asset Carrying Values </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="2" COLOR="#0054f9"><B><I>Property, Plant and Equipment and Oil and Gas Properties </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Long-lived assets are tested
for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Examples of such events or changes in circumstances related to our long-lived assets include, but are not restricted to: a
significant adverse change in the extent or manner in which the asset is being used or in its physical condition; a significant change in the price or availability of natural gas feedstock required to manufacture methanol; a significant adverse
change in legal factors or in the business climate that could affect the asset&#146;s value, including an adverse action or assessment by a foreign government that impacts the use of the asset; or a current-period operating or cash flow loss
combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the asset&#146;s use. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We recently announced that we expect to idle our Chile operations in March 2013 due to an expected shortfall of natural gas feedstock to keep the plant operating through the southern hemisphere winter. We are
continuing to work with our natural gas suppliers to secure sufficient natural gas to sustain our operations, and while the restart of a Chile plant is possible later in 2013, the restart is dependent on securing a sustainable natural gas position
to operate over the medium term. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">As a consequence of the uncertain outlook for the future supply of natural gas feedstock, the carrying value of our
Chile assets was tested for recoverability at December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Recoverability of long-lived assets is measured by comparing the carrying value of
an asset or cash-generating unit to the estimated recoverable amount, which is the higher of its estimated fair value less costs to sell or its value in use. Value in use was determined by measuring the pre-tax cash flows expected to be generated
from the cash-generating unit over its estimated useful life discounted by a pre-tax discount rate. The pre-tax discount rate used of 13% was derived from the Company&#146;s estimated cost of capital. An impairment writedown was recorded for the
difference that the carrying value exceeded the recoverable amount. An impairment writedown recognized in prior periods for an asset or cash-generating unit is reversed if there has been a subsequent recovery in the value of the asset or
cash-generating unit due to changes in events and circumstances. For the purposes of recognition and measurement of an impairment writedown, we group our long-lived assets with other assets and liabilities to form a &#147;cash-generating unit&#148;
at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. To the extent that our methanol facilities in a particular location are interdependent as a result of common
infrastructure and/or feedstock from shared sources that can be shared within a facility location, we group our assets based on site locations for the purpose of determining impairment. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">There are two key variables that impact our estimate of future cash flows: (1)&nbsp;the methanol price and (2)&nbsp;the price and availability of natural gas feedstock. Short-term methanol price estimates are based
on current supply and demand fundamentals and current methanol prices.&nbsp;Long-term methanol price estimates are based on our view of long-term supply and demand, and consideration is given to many factors, including, but not limited to, estimates
of global industrial production rates, energy prices, changes in general economic conditions, future global methanol production capacity, industry operating rates and the global industry cost structure. Our estimate of the price and availability of
natural gas takes into consideration the current contracted terms, as well as factors that we believe are relevant to supply under these contracts and supplemental natural gas sources.&nbsp;Other assumptions included in our estimate of future cash
flows include the estimated cost incurred to maintain the facilities, estimates of transportation costs and other variable costs incurred in producing methanol in each period. Changes in these assumptions will impact our estimates of future cash
flows and could impact our estimates of the useful lives of property, plant and equipment. Consequently, it is possible that our future operating results could be adversely affected by further asset impairment charges or by changes in depreciation
and amortization rates related to property, plant and equipment. </FONT></P>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33</B></FONT><FONT
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Based on the test performed at December&nbsp;31, 2012 related to our Chile assets, we
recorded a non-cash before-tax asset impairment charge of $297 million ($193 million after-tax) to write down the carrying value of the Chile assets at December&nbsp;31, 2012 to $245 million. The remaining carrying value of $245 million excludes the
first Chile facility that is being relocated to Geismar, Louisiana but includes the second facility that management is also considering for relocation to Geismar. Refer to note 6 of the consolidated financial statements for the year ended
December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe the estimated recoverable amount of all long-lived assets except our Chile cash-generating unit substantially
exceeded their carrying value as at December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Income Taxes </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income tax assets and liabilities are determined using enacted or substantially enacted tax rates for the effects of net operating losses and temporary
differences between the book and tax bases of assets and liabilities. We recognize deferred tax assets to the extent it is probable that taxable profit will be available against which the asset can be utilized. In making this determination, certain
judgments are made relating to the level of expected future taxable income and to available tax-planning strategies and their impact on the use of existing loss carryforwards and other income tax deductions. We also consider historical profitability
and volatility to assess whether we believe it is probable that the existing loss carryforwards and other income tax deductions will be used to offset future taxable income otherwise calculated. Our management routinely reviews these judgments. At
December&nbsp;31, 2012, we had recognized future tax assets of $147 million and unrecognized future income tax assets of approximately $144&nbsp;million. The determination of income taxes requires the use of judgment and estimates. If certain
judgments or estimates prove to be inaccurate, or if certain tax rates or laws change, our results of operations and financial position could be materially impacted. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Financial Instruments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We enter into derivative financial instruments from time to time to
manage certain exposures to commodity price volatility, foreign exchange volatility and variable interest rate volatility, which contributes towards managing our cost structure. Derivative financial instruments are classified as held-for-trading and
are recorded on the balance sheet at fair value unless exempted. Changes in the fair value of held-for-trading derivative financial instruments are recorded in earnings unless the instruments are designated as cash flow hedges, in which case the
effective portion of any changes in fair value are recorded in other comprehensive income. Assessment of contracts as derivative instruments, the valuation of financial instruments and derivatives, and hedge effectiveness assessments require a high
degree of judgment and are considered critical accounting estimates due to the complex nature of these products and the potential impact on our financial statements. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, the fair value of our derivative financial instruments used to limit our exposure to variable interest rate volatility that have been designated as cash flow hedges approximated their
carrying value of negative $33 million. Until settled, the fair value of the derivative financial instruments will fluctuate based on changes in variable interest rates. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_10"></A>ANTICIPATED CHANGES TO INTERNATIONAL FINANCIAL REPORTING STANDARDS </B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Consolidation and Joint Arrangement Accounting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In May 2011, the IASB issued new accounting
standards related to consolidation and joint arrangement accounting. The IASB has revised the definition of &#147;control,&#148; which is a criterion for consolidation accounting. In addition, changes to IFRS in the accounting for joint arrangements
were issued that, under certain circumstances, removed the option for proportionate consolidation accounting so that the equity method of accounting for such interests would need to be applied. We currently account for our 63.1% interest in Atlas
Methanol Company using proportionate consolidation accounting and upon adoption of these new standards effective January&nbsp;1, 2013 we will account for this entity using equity accounting. The impact of applying equity accounting does not result
in any change to net earnings or shareholders&#146; equity but will result in changes to the presentation of our Consolidated Statements of Income and Consolidated Statements of Financial Position. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_11"></A>SUPPLEMENTAL NON-GAAP MEASURES </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In addition to providing measures prepared in accordance with International Financial Reporting Standards (IFRS), we present certain supplemental measures that are not defined terms under IFRS (non-GAAP measures).
These are adjusted EBITDA, adjusted net </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>34</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
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<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
income, adjusted diluted net income per share, adjusted cash flows from operating activities, cash flow from operating activities before changes in non-cash working capital and operating income.
These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other companies. We believe these measures are useful in assessing the operating performance and
liquidity of the Company&#146;s ongoing business. We also believe Adjusted EBITDA is frequently used by securities analysts and investors when comparing our results with those of other companies. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">These measures should be considered in addition to, and not as a substitute for, net income, cash flows and other measures of financial performance and liquidity
reported in accordance with IFRS. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Adjusted EBITDA (Attributable to Methanex Shareholders) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted EBITDA differs from the most comparable GAAP measure, net income (loss) attributable to Methanex shareholders, because it excludes finance costs, finance
income and other expenses, income tax expense (recovery), depreciation and amortization, mark-to-market impact of share-based compensation, Louisiana project relocation expenses and charges and asset impairment charges. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted EBITDA and Adjusted net income exclude the mark-to-market impact of share-based compensation related to the impact of changes in our share price on share
appreciation rights, tandem share appreciation rights, deferred share units, restricted share units and performance share units. The mark-to-market impact related to performance share units that is excluded from Adjusted EBITDA and Adjusted net
income is calculated as the difference between the grant-date value determined using a Methanex total shareholder return factor of 100% and the fair value recorded at each period-end. As share-based awards will be settled in future periods, the
ultimate value of the units is unknown at the date of grant and therefore the grant-date value recognized in Adjusted EBITDA and Adjusted net income may differ from the total settlement cost. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The following table shows a reconciliation from net income (loss) attributable to Methanex shareholders to Adjusted EBITDA:</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributable to Methanex shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance income and other expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(84</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>172</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mark-to-market impact of share-based compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>65</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>297</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests adjustments<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted EBITDA (attributable to Methanex shareholders)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">This adjustment represents finance costs, finance income and other expenses, income tax expense, and depreciation and amortization associated with the 40%
non-controlling interest in the methanol facility in Egypt. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>35</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Adjusted Net Income and Adjusted Net Income per Common Share
(Attributable to Methanex Shareholders) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted net income and Adjusted net income per common share are non-GAAP measures because they exclude the
mark-to-market impact of share-based compensation and items that are considered by management to be non-operational, including asset impairment charges and Louisiana project relocation charges and expenses. The following table shows a reconciliation
from net income (loss) attributable to Methanex shareholders to Adjusted net income and the calculation of Adjusted diluted net income per common share: </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="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT NUMBER OF SHARES AND PER SHARE AMOUNTS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss) attributable to Methanex shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Mark-to-market impact of share-based compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-cash charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>297</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income expense (recovery) related to above items</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(130</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">182</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted weighted average shares outstanding</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income per common share<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, stock options have been excluded from the calculation of diluted net loss per common share (attributable to Methanex
shareholders) as their effect would be anti-dilutive. However, for the calculation of adjusted diluted net income per common share, stock options have been included in the denominator and the diluted weighted average number of common shares for the
year ended December&nbsp;31, 2012 is 95 million. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Adjusted Cash Flows from Operating Activities (Attributable to Methanex
Shareholders) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted cash flows from operating activities differs from the most comparable GAAP measure, cash flows from operating activities,
because it does not include cash flows associated with the 40% non-controlling interest in the methanol facility in Egypt, changes in non-cash working capital and the cash portion of Louisiana project relocation expenses and charges. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The following table shows a reconciliation of cash flows from operating activities to adjusted cash flows from operating activities: </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="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deduct non-controlling interests adjustment:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(33</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-cash items</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash portion of Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted cash flow from operating activities (attributable to Methanex
shareholders)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>403</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">392</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Operating Income and Cash Flows from Operating Activities before Changes in Non-Cash Working Capital
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Operating income and cash flows from operating activities before changes in non-cash working capital are reconciled to GAAP measures in our
Consolidated Statements of Income and Consolidated Statements of Cash Flows, respectively. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>36</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_12"></A>QUARTERLY FINANCIAL DATA (UNAUDITED)
</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="60%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" ROWSPAN="2" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT PER SHARE AMOUNTS)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">THREE MONTHS ENDED</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">DEC&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">SEP&nbsp;30</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">JUN&nbsp;30</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">MAR&nbsp;31</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>696</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>655</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>656</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>666</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted EBITDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>119</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>104</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>113</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>36</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>39</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(140</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(3</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income per share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.38</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.47</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.41</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic net income (loss) per common share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>

<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1.49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.03</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.56</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.24</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted net income (loss) per common
share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1.49</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.03</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.50</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.23</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted EBITDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">111</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">102</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1 </SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">65</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">62</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Adjusted net income per share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.43</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.41</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.39</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Basic net income per common share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.67</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.44</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.37</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted net income per common share<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.68</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.59</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.43</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.37</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page 34 for a description of each non-GAAP measure and reconciliations to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Attributable to Methanex Corporation shareholders. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A discussion and analysis of our results for the fourth quarter of 2012 is set out in our fourth
quarter of 2012 Management&#146;s Discussion and Analysis filed with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission and incorporated herein by reference. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_13"></A>SELECTED ANNUAL INFORMATION </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="70%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">($ MILLIONS, EXCEPT PER SHARE AMOUNTS)</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2010<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,967</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted EBITDA<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>429</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">427</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">182</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">96</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjusted net income per share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1.90</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.93</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.98</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic net income (loss) per share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted net income (loss) per share<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1.03</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash dividends declared per share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.725</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.620</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,545</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,394</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,141</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total long-term financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,434</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">886</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,105</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">These items are non-GAAP measures that do not have any standardized meaning prescribed by GAAP and therefore are unlikely to be comparable to similar measures
presented by other companies. Refer to the Supplemental Non-GAAP Measures section on page 34 for a description of each non-GAAP measure and reconciliations to the most comparable GAAP measures. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>&nbsp;
</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Attributable to Methanex Corporation shareholders. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_14"></A>CONTROLS AND PROCEDURES </B></FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Disclosure Controls and Procedures </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Disclosure controls and procedures are those controls and procedures that are designed to ensure that the information required to be disclosed in the filings under
applicable securities regulations is recorded, processed, summarized and reported within the time periods specified. As at December&nbsp;31, 2012, under the supervision and with the participation of our management, including our Chief Executive
Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of the Company&#146;s disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial
Officer have concluded that our disclosure controls and procedures are effective. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="36%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>37</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Management&#146;s Annual Report on Internal Control over Financial
Reporting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting includes those policies and procedures that: (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)&nbsp;provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with
authorizations of our management and directors; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial
statements. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The design of any system of controls and procedures is based in part upon certain assumptions about the likelihood of future events. There
can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Under
the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of December&nbsp;31, 2012, based
on the framework set forth in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on its evaluation under this framework, management concluded that our internal control
over financial reporting was effective as of that date. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">KPMG LLP, an independent registered public accounting firm that audited and reported on our
consolidated financial statements, has issued an attestation report on the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2012. The attestation report is included in our consolidated financial statements on
page&nbsp;43. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>Changes in Internal Control over Financial Reporting </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">There have been no changes during the year ended December&nbsp;31, 2012 to internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control
over financial reporting. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B><A NAME="tx478148_15"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">This 2012 Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) contains forward-looking statements with respect to us and our industry. These statements
relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. Statements that include the words &#147;believes,&#148; &#147;expects,&#148; &#147;may,&#148;
&#147;will,&#148; &#147;should,&#148; &#147;potential,&#148; &#147;estimates,&#148; &#147;anticipates,&#148; &#147;aim&#148;, &#147;goal&#148;&nbsp;or other comparable terminology and similar statements of a future or forward-looking nature identify
forward-looking statements. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">More particularly, and without limitation, any statements regarding the following are forward-looking statements:
</FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected demand for methanol and its derivatives, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected new methanol supply or restart of idled capacity and timing for start-up of the same, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected shutdowns (either temporary or permanent) or restarts of existing methanol supply (including our own facilities), including, without limitation, the
timing and length of planned maintenance outages, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected methanol and energy prices, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected levels of methanol purchases from traders or other third parties, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected levels, timing and availability of economically priced natural gas supply to each of our plants, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">capital committed by third parties towards future natural gas exploration and development in the vicinity of our plants,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">our expected capital expenditures, including, without limitation, those to support natural gas exploration and development for our plants and the restart of our
idled methanol facilities, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">anticipated production rates of our plants, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected operating costs, including natural gas feedstock costs and logistics costs, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected tax rates or resolutions to tax disputes, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected cash flows, earnings capability and share price, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">ability to meet covenants or obtain waivers associated with our long-term debt obligations, including, without limitation, the Egypt limited recourse debt
facilities that have conditions associated with finalization of certain land title registration and related mortgages that require actions by Egyptian governmental entities,
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>38</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;
</FONT></P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">availability of committed credit facilities and other financing, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">our shareholder distribution strategy and anticipated distributions to shareholders, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">commercial viability and timing of, or our ability to execute, future projects, plant restarts, capacity expansions, plant relocations, or other business
initiatives or opportunities, including the planned relocation of one of our idle Chile methanol plants to Geismar, Louisiana (&#147;Geismar&#148;) and certain initiatives in New Zealand and Canada, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">our financial strength and ability to meet future financial commitments, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected global or regional economic activity (including industrial production levels), </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected outcomes of litigation or other disputes, claims and assessments, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected actions of governments, government agencies, gas suppliers, courts, tribunals or other third parties, and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">expected impact on our operations in Egypt or our financial condition as a consequence of civil unrest or actions taken or inaction by the Government of Egypt
and its agencies. </FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We believe that we have a reasonable basis for
making such forward-looking statements. The forward-looking statements in this document are based on our experience, our perception of trends, current conditions and expected future developments as well as other factors. Certain material factors or
assumptions were applied in drawing the conclusions or making the forecasts or projections that are included in these forward-looking statements, including, without limitation, future expectations and assumptions concerning the following:
</FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">supply of, demand for, and price of, methanol, methanol derivatives, natural gas, coal, oil and oil derivatives, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the success of our natural gas exploration and development in Chile and New Zealand and our ability to procure economically priced natural gas in Chile, New
Zealand, Trinidad, Canada and the United States, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">production rates of our facilities, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">receipt of remaining required permits in connection with the Geismar project, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">receipt or issuance of third-party consents or approvals, including, without limitation, governmental registrations of land title and related mortgages in Egypt,
governmental approvals related to natural gas exploration rights or rights to purchase natural gas, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">receipt of governmental approvals related to natural gas exploration rights, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the establishment of new fuel standards, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">operating costs including natural gas feedstock and logistics costs, capital costs, tax rates, cash flows, foreign exchange rates and interest rates,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the availability of committed credit facilities and other financing, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">timing of completion and cost of the Geismar project and our initiatives to increase production in New Zealand and Canada, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">global and regional economic activity (including industrial production levels), </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">absence of a material negative impact from major natural disasters, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">absence of a material negative impact from changes in laws or regulations, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">absence of a material negative impact from political instability in the countries in which we operate, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">enforcement of contractual arrangements and ability to perform contractual obligations by customers, natural gas and other suppliers and other third parties, and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">satisfaction of conditions precedent contained in the Geismar project natural gas supply agreement.
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>39</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Management&#146;s Discussion&nbsp;&amp; Analysis </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">However, forward-looking statements, by their nature, involve risks and uncertainties
that could cause actual results to differ materially from those contemplated by the forward-looking statements. The risks and uncertainties primarily include those attendant with producing and marketing methanol and successfully carrying out major
capital expenditure projects in various jurisdictions, including, without limitation: </FONT></P>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

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<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">conditions in the methanol and other industries including fluctuations in the supply, demand for and price of methanol and its derivatives, including demand for
methanol for energy uses, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the price of natural gas, coal, oil and oil derivatives, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the success of natural gas exploration and development activities in southern Chile and New Zealand and our ability to obtain any additional gas in Chile and New
Zealand on commercially acceptable terms, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">the ability to successfully carry out corporate initiatives and strategies, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">actions of competitors, suppliers and financial institutions, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">conditions within the natural gas delivery systems that may prevent delivery of our natural gas supply requirements, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">competing demand for natural gas, especially with respect to domestic needs for gas and electricity in Chile and Egypt,
</FONT></P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9px;padding-bottom:8px;overflow:hidden;padding-top:3px">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">actions of governments and governmental authorities, including, without limitation, the implementation of policies or other measures that could impact the supply
of or demand for methanol or its derivatives, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">changes in laws or regulations, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">import or export restrictions, anti-dumping measures, increases in duties, taxes and government royalties, and other actions by governments that may adversely
affect our operations or existing contractual arrangements, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">worldwide economic conditions, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">satisfaction of conditions precedent contained in the Geismar project natural gas supply agreement, and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><FONT STYLE="font-family:Times New Roman" SIZE="2" COLOR="#0054f9"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL" SIZE="2"></FONT>
</FONT></TD>
<TD WIDTH="1" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">other risks described in the 2012 Management&#146;s Discussion and Analysis.
</FONT></P></TD></TR></TABLE></DIV><div style="clear:both; height:0px; font-size:0px">&nbsp;</div>
 <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Having in mind these and other factors,
investors and other readers are cautioned not to place undue reliance on forward-looking statements. They are not a substitute for the exercise of one&#146;s own due diligence and judgment. The outcomes anticipated in forward-looking statements may
not occur and we do not undertake to update forward-looking statements except as required by applicable securities laws. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>40</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Management&#146;s Discussion &amp; Analysis</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TYPE>EX-99.3
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<DESCRIPTION>EX-99.3
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 <P>&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Exhibit 99.3<BR><BR> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="5" COLOR="#5eea30">Responsibility For Financial Reporting </FONT></P> <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The consolidated financial statements and all financial information contained in the annual report are the responsibility of management. The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards and, where appropriate, have incorporated estimates based on the best judgment of management. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Management is
responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an
evaluation of the effectiveness of our internal control over financial reporting based on the internal control framework set out in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on our evaluation, our management concluded that our internal control over financial reporting was effective as of December&nbsp;31, 2012. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal control, and is responsible for reviewing and approving the consolidated
financial statements. The Board carries out this responsibility principally through the Audit, Finance and Risk Committee (the Committee). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Committee
consists of five non-management directors, all of whom are independent as defined by the applicable rules in Canada and the United States. The Committee is appointed by the Board to assist the Board in fulfilling its oversight responsibility
relating to: the integrity of the Company&#146;s financial statements, news releases and securities filings; the financial reporting process; the systems of internal accounting and financial controls; the professional qualifications and independence
of the external auditor; the performance of the external auditors; risk management processes; financing plans; pension plans; and the Company&#146;s compliance with ethics policies and legal and regulatory requirements. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Committee meets regularly with management and the Company&#146;s auditors, KPMG LLP, Chartered Accountants, to discuss internal controls and significant
accounting and financial reporting issues. KPMG has full and unrestricted access to the Committee. KPMG audited the consolidated financial statements and the effectiveness of internal controls over financial reporting. Their opinions are included in
the annual report. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<IMG SRC="g478148g78u12.jpg" ALT="LOGO">
<B></B></P> <P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>A. Terence Poole</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">


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<B>&nbsp;</B><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>John Floren</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>


<IMG SRC="g478148g56f85.jpg" ALT="LOGO">
&nbsp;</B><BR> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ian Cameron</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">Chairman of the Audit, Finance</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px; margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">and Risk Committee</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">President and</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Chief Executive Officer</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">Senior Vice President, Finance and Chief<BR>Financial Officer</FONT></TD></TR>
<TR>
<TD HEIGHT="10"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="1">March 13, 2013</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>41</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="5" COLOR="#5eea30">Report of Independent Registered Public Accounting Firm </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">To the Shareholders and Board of Directors of Methanex Corporation: </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have audited the accompanying consolidated statements of financial position of Methanex Corporation as of December&nbsp;31, 2012 and December&nbsp;31, 2011 and
the related consolidated statements of income, comprehensive income, changes in equity and cash flows for the years then ended. These consolidated financial statements are the responsibility of Methanex Corporation&#146;s management. Our
responsibility is to express an opinion on these consolidated financial statements based on our audits. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We conducted our audits in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Methanex Corporation as of December&nbsp;31, 2012 and
December&nbsp;31, 2011, and its consolidated financial performance and its consolidated cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
</FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Methanex Corporation&#146;s
internal control over financial reporting as of December&nbsp;31, 2012, based on the criteria established in Internal Control&nbsp;&#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and
our report dated&nbsp;March&nbsp;13, 2013 expressed an unqualified opinion on the effectiveness of Methanex Corporation&#146;s internal control over financial reporting. </FONT></P>
<P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g478148g73m41.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Chartered Accountants </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Vancouver,
Canada </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">March 13, 2013 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>42</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Report of Independent Registered Public Accounting Firm</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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"><FONT STYLE="font-family:Times New Roman" SIZE="5" COLOR="#5eea30">Report of Independent Registered Public Accounting Firm </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">To the Shareholders and Board of Directors of Methanex Corporation: </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">We have audited Methanex Corporation&#146;s (&#147;the Company&#148;) internal control over financial reporting as of December&nbsp;31, 2012, based on the criteria
established in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company&#146;s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the section entitled &#147;Management&#146;s Annual Report on Internal Control over Financial Reporting&#148; included in the
accompanying Management&#146;s Discussion and Analysis. Our responsibility is to express an opinion on the Company&#146;s internal control over financial reporting based on our audit. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A company&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial
reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could
have a material effect on the financial statements. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or
procedures may deteriorate. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of
December&nbsp;31, 2012, based on the criteria established in Internal Control &#150; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">We also have audited, in accordance with the Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated statements of
financial position of the Company as of December&nbsp;31, 2012 and 2011, and the related consolidated statements of income, comprehensive income, changes in equity and cash flows for each of the years ended December&nbsp;31, 2012 and
December&nbsp;31, 2011, and our report dated March&nbsp;13, 2013 expressed an unqualified opinion on those consolidated financial statements. </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:0px">


<IMG SRC="g478148g73m41.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Chartered Accountants </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Vancouver,
Canada </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">March 13, 2013 </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Report of Independent Registered Public Accounting Firm</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>43</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30"><A NAME="toc478148_5"></A>Consolidated Statements of Financial Position </FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>(thousands of US dollars, except number of common shares) </I></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="72%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>&nbsp;31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL>&nbsp;31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>ASSETS</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>745,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350,711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other receivables (note 3)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>429,203</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">378,430</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Inventories (note 4)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>253,023</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">281,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Prepaid expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28,314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">24,465</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,456,150</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,034,621</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-current assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment (notes 5 and 6)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,014,748</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,233,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other assets (notes 6 and 8)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73,724</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">125,931</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,088,472</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,358,954</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,544,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,393,575</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>LIABILITIES AND EQUITY</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade, other payables and accrued liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>353,744</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">327,130</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current maturities on long-term debt (note 9)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>53,334</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">251,107</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current maturities on finance leases (note 10)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7,367</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,713</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current maturities on other long-term liabilities (note 11)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26,536</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,031</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>440,981</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">602,981</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-current liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt (note 9)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,191,891</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">652,148</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance leases (note 10)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>48,612</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55,979</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other long-term liabilities (note 11)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>193,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178,172</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax liabilities (note 17)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>191,578</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">302,332</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,625,904</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,188,631</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Capital stock</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>25,000,000 authorized preferred shares without nominal or par&nbsp;value</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unlimited authorization of common shares without nominal or par&nbsp;value</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Issued and outstanding common shares at December&nbsp;31, 2012 were 94,309,970 (2011 &#150; 93,247,755)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>481,779</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">455,434</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contributed surplus</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>15,481</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,281</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Retained earnings</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>805,661</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">942,978</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accumulated other comprehensive loss</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(13,045</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(15,968</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,289,876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,404,725</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>187,861</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">197,238</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,477,737</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,601,963</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,544,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,393,575</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:22px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>Commitments and contingencies (notes 17 and 23) </I></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="1"><I>See accompanying notes to consolidated financial statements. </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Approved by the Board: </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="21%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="57%"></TD></TR>


<TR>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px">


<IMG SRC="g478148g78u12.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px">


<IMG SRC="g478148g53b00.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Terence&nbsp;Poole&nbsp;(Director)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>John&nbsp;Floren&nbsp;(Director)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30">Consolidated Statements of Income </FONT></P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="1"><I>(thousands of US dollars, except number of common shares and per share amounts) </I></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="71%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,672,954</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608,037</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of sales and operating expenses (note 12)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(2,187,288</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,107,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization (note 12)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(171,635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(156,667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation expenses and charges (note 5)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(64,543</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge (note 6)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(296,976</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(47,488</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">344,050</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs (note 13)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(71,314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61,797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance income and other expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,667</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(118,293</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">283,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax recovery (expense) (note 17):</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(30,302</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(36,241</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>114,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(19,679</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>83,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(55,920</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Attributable to:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Corporation shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33,530</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,674</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) for the period attributable to Methanex Corporation shareholders:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic net income (loss) per common share (note 14)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted net income (loss) per common share (note 14)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.06</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average number of common shares outstanding</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>93,755,509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93,026,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted weighted average number of common shares outstanding</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>93,755,509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94,360,956</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:22px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>See accompanying notes to consolidated financial statements. </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>45</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30">Consolidated Statements of Comprehensive Income </FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>(thousands of US dollars) </I></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="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other comprehensive income (loss), net of taxes:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Change in fair value of forward exchange contracts (note 20)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(320</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Change in fair value of interest rate swap contracts (notes 17 and 20)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(5,794</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,764</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Realized loss on interest rate swap reclassified to finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11,198</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,816</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Realized loss on interest rate swap reclassified to property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,279</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actuarial losses on defined benefit pension plans (notes 17 and 22(a))</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10,258</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,399</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Comprehensive income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(30,626</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">234,399</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Attributable to:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Corporation shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(66,317</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201,193</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,691</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,206</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(30,626</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">234,399</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:22px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>See accompanying notes to consolidated financial statements. </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

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<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>46</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30">Consolidated Statements of Changes in Equity </FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>(thousands of US dollars, except number of common shares) </I></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">


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<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Number&nbsp;of<BR>Common<BR>Shares</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Capital<BR>Stock</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Contributed<BR>Surplus</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Retained<BR>Earnings</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated<BR>Other<BR>Comprehensive<BR>Loss</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Shareholders&#146;<BR>Equity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Non-Controlling<BR>Interests</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total<BR>Equity</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92,632,022</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">440,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">813,819</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(26,093</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,253,211</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156,412</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,409,623</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net income</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26,674</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Other comprehensive income (loss)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10,258</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,125</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(133</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,532</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,399</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Compensation expense recorded for stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">837</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Issue of shares on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">615,733</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassification of grant-date fair value on exercise of stock options</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,949</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Dividend payments to Methanex Corporation shareholders</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Distributions to non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11,580</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(11,580</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Equity contributions by non-controlling interests</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,200</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,200</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Balance, December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93,247,755</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">455,434</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">22,281</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">942,978</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(15,968</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,404,725</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">197,238</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,601,963</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33,530</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other comprehensive income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,135</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,923</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,788</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,161</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Compensation expense recorded for stock options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>726</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>726</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>726</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Issue of shares on exercise of stock options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,062,215</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,819</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,819</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,819</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Reclassification of grant-date fair value on exercise of stock options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7,526</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(7,526</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividend payments to Methanex Corporation shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,077</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,077</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,077</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Distributions to non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(46,068</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(46,068</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity contributions by non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>94,309,970</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>481,779</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>15,481</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>805,661</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(13,045</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,289,876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>187,861</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,477,737</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:22px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>See accompanying notes to consolidated financial statements. </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>47</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30">Consolidated Statements of Cash Flows </FONT></P>
<P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>(thousands of US dollars) </I></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="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>CASH FLOWS FROM OPERATING ACTIVITIES</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(34,575</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">228,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Add (deduct) non-cash items:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171,635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,667</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project relocation non-cash charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25,688</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>296,976</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(83,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Share-based compensation expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>35,907</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,890</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71,314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61,797</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>16,578</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,459</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income taxes paid</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(29,528</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(46,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other cash payments, including share-based compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(33,774</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(10,303</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash flows from operating activities before undernoted</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>436,503</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">444,319</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital (note 18)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21,774</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,388</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>458,277</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">479,707</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>CASH FLOWS FROM FINANCING ACTIVITIES</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Dividend payments to Methanex Corporation shareholders</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(68,077</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(61,909</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest paid, including interest rate swap settlements</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(64,914</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(60,467</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net proceeds on issue of long-term debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>590,344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,700</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Repayment of long-term debt and limited recourse debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(251,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(49,650</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in project finance reserve accounts</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(4,916</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(27,291</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity contributions by non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash distributions to non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(49,409</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8,239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Proceeds on issue of shares on exercise of stock options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,819</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,393</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Repayment of finance leases and other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(6,712</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,964</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>165,030</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(180,227</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>CASH FLOWS FROM INVESTING ACTIVITIES</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(134,716</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(126,198</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Louisiana project expenditures</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(73,912</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(1,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(32,892</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(30,098</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>GeoPark repayments</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>10,039</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital related to investing activities (note
18)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,073</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,508</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(228,408</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(142,563</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Increase in cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>394,899</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156,917</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents, beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>350,711</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">193,794</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>745,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350,711</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:22px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>See accompanying notes to consolidated financial statements. </I></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>48</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="4" COLOR="#5eea30"><A NAME="toc478148_6"></A>Notes to Consolidated Financial Statements </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:arial" SIZE="1"><I>(Tabular dollar amounts are shown in thousands of US dollars, except where noted) </I></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:arial" SIZE="1"><I>Year ended December&nbsp;31, 2012 </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>1. Nature of operations: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex Corporation (&#147;the Company&#148;) is an incorporated entity with corporate offices in Vancouver, Canada. The Company&#146;s operations consist of the
production and sale of methanol, a commodity chemical. The Company is the world&#146;s largest supplier of methanol to the major international markets of Asia Pacific, North America, Europe and Latin America. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>2. Significant accounting policies: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a)
Statement of compliance: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board (IASB). These consolidated financial statements were approved and authorized for issue by the Board of Directors on March&nbsp;13, 2013. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Basis of presentation and consolidation: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">These
consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, less than wholly owned entities for which it has a controlling interest and its proportionate share of the accounts of joint ventures. Wholly owned
subsidiaries are entities in which the Company has control, directly or indirectly, where control is defined as the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. For less than
wholly owned entities for which the Company has a controlling interest, a non-controlling interest is included in the Company&#146;s consolidated financial statements and represents the non-controlling shareholders&#146; interest in the net assets
of the entity.&nbsp;The Company also consolidates any special purpose entity where the substance of the relationship indicates the Company has control. All significant intercompany transactions and balances have been eliminated. Preparation of these
consolidated financial statements requires estimates, judgments and assumptions that affect the amounts reported and disclosed in the financial statements and related notes. The areas of estimation and judgment that management considers most
significant are property, plant and equipment (note&nbsp;2(g)), oil and gas properties (notes&nbsp;2(g) and 2(h)), financial instruments (note&nbsp;2(o)), and income taxes (note&nbsp;2(p)). Actual results could differ from those estimates.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) Reporting currency and foreign currency translation: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Functional currency is the currency of the primary economic environment in which an entity operates. The majority of the Company&#146;s business in all jurisdictions is transacted in United States dollars and,
accordingly, these consolidated financial statements have been measured and expressed in that currency. The Company translates foreign currency denominated monetary items at the rates of exchange prevailing at the balance sheet dates, foreign
currency denominated non-monetary items at historic rates, and revenues and expenditures at the rates of exchange at the dates of the transactions. Foreign exchange gains and losses are included in earnings. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>d) Cash equivalents: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Cash equivalents include securities
with maturities of three months or less when purchased. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>e) Receivables: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company provides credit to its customers in the normal course of business. The Company performs ongoing credit evaluations of its customers and maintains reserves for potential credit losses. The Company
records an allowance for doubtful accounts or writes down the receivable to estimated net realizable value if not collectible in full. Credit losses have historically been within the range of management&#146;s expectations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>f) Inventories: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Inventories are valued at the lower of cost
and estimated net realizable value. Cost is determined on a first-in, first-out basis and includes direct purchase costs, cost of production, allocation of production overhead and depreciation based on normal operating capacity, and transportation.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>g) Property, plant and equipment: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Initial
recognition </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Property, plant and equipment are initially recorded at cost. The cost of purchased equipment includes expenditures that are directly
attributable to the purchase price, delivery and installation. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to the location and condition for their
intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on self-constructed assets that meet certain criteria. Borrowing costs, including the impact of related cash flow
hedges, incurred during construction and commissioning are capitalized until the plant is operating in the manner intended by management. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>49</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Subsequent costs </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Routine repairs and maintenance costs are expensed as incurred. At regular intervals, the Company conducts a planned shutdown and inspection (turnaround) at its plants to perform major maintenance and replacement
of catalysts. Costs associated with these shutdowns are capitalized and amortized over the period until the next planned turnaround and the carrying amounts of replaced components are derecognized and included in earnings. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation and amortization is generally
provided on a straight-line basis at rates calculated to amortize the cost of property, plant and equipment from the commencement of commercial operations over their estimated useful lives to estimated residual value. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The estimated useful lives of the Company&#146;s buildings, plant installations and machinery, excluding costs related to turnarounds, ranges from 10&nbsp;to
25&nbsp;years depending on the specific asset component and the production facility to which it is related. The Company determines the estimated useful lives of individual asset components based on the shorter of its physical life or economic life.
The physical life of these assets is generally longer than the economic life. The economic life is primarily determined by the nature of the natural gas feedstock available to the various production facilities. Factors that influence the nature of
natural gas feedstock availability include the terms of individual natural gas supply contracts, access to natural gas supply through open markets, regional factors influencing the exploration and development of natural gas, and the expected price
of securing natural gas supply. The Company reviews the factors related to each production facility on an annual basis to determine if changes are required to the estimated useful lives. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Assets under finance lease are depreciated to their estimated residual value based on the shorter of their useful lives and the lease term. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas properties </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Costs incurred for oil and gas properties with proven reserves are capitalized to
property, plant and equipment, including the reclassification of associated exploration costs and abandoned properties. These costs are depreciated using a unit-of-production method, taking into consideration estimated proven reserves and estimated
future development costs. Proven and probable reserves for oil and gas properties are estimated based on independent reserve reports and represent the estimated quantities of natural gas that are considered commercially feasible. These reserve
estimates are used to determine depreciation and to assess the carrying value of oil and gas properties. The accounting for costs incurred for oil and gas exploration properties which do not have proven reserves is described in note 2(h). Upon
transition to IFRS effective January&nbsp;1, 2010, the Company elected to carry forward the previous GAAP full-cost method of accounting for oil and gas asset carrying values. At that time, the Company allocated costs associated with oil and gas
assets between property, plant and equipment and other assets on the basis of proven and unproven reserves, respectively. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Impairment </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company reviews the carrying value of long-lived assets for impairment whenever events or changes in circumstances indicate an asset&#146;s carrying value may
not be recoverable. Examples of such events or changes in circumstances include, but are not restricted to: a significant adverse change in the extent or manner in which the asset is being used or in its physical condition; a significant change in
the price or availability of natural gas feedstock required to manufacture methanol; a significant adverse change in legal factors or in the business climate that could affect the asset&#146;s value, including an adverse action or assessment by a
foreign government that impacts the use of the asset; or a current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the
asset&#146;s use. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Recoverability of long-lived assets is measured by comparing the carrying value of an asset or cash-generating unit to the estimated
recoverable amount, which is the higher of its estimated fair value less cost to sell or its value in use. Value in use is determined by estimating the pre-tax cash flows expected to be generated from the asset or cash-generating unit over its
estimated useful life discounted by a pre-tax discount rate. An impairment writedown is recorded for the difference that the carrying value exceeds the estimated recoverable amount. An impairment writedown recognized in prior periods for an asset or
cash-generating unit is reversed if there has been a subsequent recovery in the value of the asset or cash-generating unit due to changes in events and circumstances. For purposes of recognition and measurement of an impairment writedown, the
Company groups long-lived assets with other assets and liabilities to form a &#147;cash-generating unit&#148; at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. To the
extent that methanol facilities in a particular location are interdependent as a result of common infrastructure and/or feedstock from shared sources that can be shared within a facility location, the Company groups assets based on site locations
for the purpose of determining impairment. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:3px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>h) Other assets: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Intangible assets are capitalized to other assets and amortized to depreciation and amortization expense on an appropriate basis to charge the cost of the assets
against earnings. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Financing fees related to undrawn credit facilities are capitalized to other assets and amortized to finance costs over the term of
the credit facility. Financing fees related to project debt facilities are capitalized to other assets until the project debt is fully drawn. Once the project debt is fully drawn, these fees are reclassified against long-term debt and amortized to
finance costs over the repayment term on an effective interest basis. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>50</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Costs incurred for oil and gas exploration properties that do not have proven reserves
are capitalized to other assets. Upon determination of proven reserves and internal approval for development, these costs are transferred to property, plant and equipment and are depreciated using a unit-of-production method based on estimated
proven reserves. Costs are also transferred to property, plant and equipment and become subject to depreciation when the associated properties have been deemed abandoned by management. Upon transfer to property, plant and equipment an impairment
assessment is performed. The Company assesses the recoverability of oil and gas exploration properties as part of a cash-generating unit as described in note 2(g). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>i) Leases: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Leasing contracts are classified as either finance or operating leases. Where the contracts are
classified as operating leases, payments are charged to income in the year they are incurred. A lease is classified as a finance lease if it transfers substantially all of the risks and rewards of ownership of the leased asset. The asset and
liability associated with a finance lease are recorded at the lower of fair value and the present value of the minimum lease payments, net of executory costs. Lease payments are apportioned between interest expense and repayments of the liability.
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>j) Site restoration costs: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company
recognizes a liability to dismantle and remove assets or to restore a site upon which the assets are located. The Company estimates the fair value of the liability by determining the current market cost required to settle the site restoration costs,
adjusts for inflation through to the expected date of the expenditures and then discounts this amount back to the date when the obligation was originally incurred. As the liability is initially recorded on a discounted basis, it is increased each
period until the estimated date of settlement. The resulting expense is referred to as accretion expense and is included in finance costs. The Company reviews asset retirement obligations and adjusts the liability and corresponding asset as
necessary to reflect changes in the estimated future cash flows, timing, inflation and discount rates underlying the fair value measurement. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>k)
Employee future benefits: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has non-contributory defined benefit pension plans covering certain employees and defined contribution pension
plans. The Company does not provide any significant post-retirement benefits other than pension plan benefits. For defined benefit pension plans, the net of the present value of the defined benefit obligation and the fair value of plan assets is
recorded to the Consolidated Statements of Financial Position. The determination of the defined benefit obligation and associated pension cost is based on certain actuarial assumptions including inflation rates, plan expenses, salary growth,
discount rates and expected return on plan assets. The present value of the defined benefit obligation is determined by discounting estimated future cash flows using current market bond yields that have terms to maturity approximating the terms of
the obligation. Actuarial gains and losses arising from differences between these assumptions and actual results are recognized in other comprehensive income and recorded in retained earnings. The cost for defined contribution benefit plans is
recognized in net income as earned by the employees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>l) Share-based compensation: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company grants share-based awards as an element of compensation. Share-based awards granted by the Company can include stock options, tandem share appreciation rights, share appreciation rights, deferred share
units, restricted share units or performance share units. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For stock options granted by the Company, the cost of the service received is measured based
on an estimate of the fair value at the date of grant. The grant-date fair value is recognized as compensation expense over the vesting period with a corresponding increase in contributed surplus. On the exercise of stock options, consideration
received, together with the compensation expense previously recorded to contributed surplus, is credited to share capital. The Company uses the Black-Scholes option pricing model to estimate the fair value of each stock option tranche at the date of
grant. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Share appreciation rights (SARs) are units that grant the holder the right to receive a cash payment upon exercise for the difference between the
market price of the Company&#146;s common shares and the exercise price that is determined at the date of grant. Tandem share appreciation rights (TSARs) give the holder the choice between exercising a regular stock option or a SAR. For SARs and
TSARs, the cost of the service received is initially measured based on an estimate of the fair value at the date of grant. The grant-date fair value is recognized as compensation expense over the vesting period with a corresponding increase in
liabilities. For SARs and TSARs, the liability is re-measured at each reporting date based on an estimate of the fair value with changes in fair value recognized as compensation expense for the proportion of the service that has been rendered at
that date. The Company uses the Black-Scholes option pricing model to estimate the fair value for SARs and TSARs. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred, restricted and performance
share units are grants of notional common shares that are redeemable for cash based on the market value of the Company&#146;s common shares and are non-dilutive to shareholders. Performance share units have an additional feature where the ultimate
number of units that vest will be determined by the Company&#146;s total shareholder return in relation to a predetermined target over the period to vesting. The number of units that will ultimately vest will be in the range of 50% to 120% of the
original grant. For deferred, restricted and performance share units, the cost of the service received as consideration is initially measured based on the market value of the Company&#146;s common
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>51</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
shares at the date of grant. The grant-date fair value is recognized as compensation expense over the vesting period with a corresponding increase in liabilities. Deferred, restricted and
performance share units are re-measured at each reporting date based on the market value of the Company&#146;s common shares with changes in fair value recognized as compensation expense for the proportion of the service that has been rendered at
that date. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Additional information related to the stock option plan, tandem share appreciation rights, share appreciation rights and the deferred,
restricted and performance share units is described in note&nbsp;15. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>m) Net income (loss) per common share: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company calculates basic net income (loss) per common share by dividing net income (loss) attributable to Methanex shareholders by the weighted average number
of common shares outstanding and calculates diluted net income (loss) per common share under the treasury stock method. Under the treasury stock method, diluted net income (loss) per common share is calculated by considering the potential dilution
that would occur if outstanding stock options and, under certain circumstances, TSARs were exercised or converted to common shares. Stock options and TSARs are considered dilutive when the average market price of the Company&#146;s common shares
during the period disclosed exceeds the exercise price of the stock option or TSAR. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding TSARs may be settled in cash or common shares at the
holder&#146;s option. For the purposes of calculating diluted net income per common share, the more dilutive of the cash-settled or equity-settled method is used, regardless of how the plan is accounted for. Accordingly, TSARs that are accounted for
using the cash-settled method will require adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive effect on diluted net income per common share. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The calculation of basic net income (loss) per common share and a reconciliation to diluted net income (loss) per common share is presented in note 14. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>n) Revenue recognition: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Revenue is recognized based on
individual contract terms when the risk of loss to the product transfers to the customer, which usually occurs at the time shipment is made. Revenue is recognized at the time of delivery to the customer&#146;s location if the Company retains risk of
loss during shipment. For methanol sold on a consignment basis, revenue is recognized when the customer consumes the methanol. For methanol sold on a commission basis, the commission income is included in revenue when earned. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>o) Financial instruments: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company enters into derivative
financial instruments to manage certain exposures to commodity price volatility, foreign exchange volatility and variable interest rate volatility. Financial instruments are classified into one of five categories and, depending on the category, will
either be measured at amortized cost or fair value. Held-to-maturity investments, loans and receivables and other financial liabilities are measured at amortized cost. Financial assets and liabilities held-for-trading and available-for-sale
financial assets are measured at fair value. Changes in the fair value of held-for-trading financial assets and liabilities are recognized in net income and changes in the fair value of available-for-sale financial assets are recorded in other
comprehensive income until the investment is derecognized or impaired at which time the amounts would be recorded in net income. The Company classifies cash and cash equivalents and trade and other receivables as loans and receivables. Trade, other
payables and accrued liabilities, long-term debt, net of financing costs, and other long-term liabilities are classified as other financial liabilities. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Under these standards, derivative financial instruments, including embedded derivatives, are classified as held-for-trading and are recorded in the Consolidated
Statements of Financial Position at fair value unless they are in accordance with the Company&#146;s normal purchase, sale or usage requirements. The valuation of derivative financial instruments is a critical accounting estimate due to the complex
nature of these products, the degree of judgment required to appropriately value these products and the potential impact of such valuation on the Company&#146;s financial statements. The Company records all changes in fair value of held-for-trading
derivative financial instruments in net income unless the instruments are designated as cash flow hedges. The Company enters into and designates as cash flow hedges certain forward exchange purchase and sales contracts to hedge foreign exchange
exposure on anticipated sales. The Company also enters into and designates as cash flow hedges certain interest rate swap contracts to hedge variable interest rate exposure on its limited recourse debt. The Company assesses at inception and on an
ongoing basis whether the hedges are and continue to be effective in offsetting changes in the cash flows of the hedged transactions. The effective portion of changes in the fair value of these hedging instruments is recognized in other
comprehensive income. Any gain or loss in fair value relating to the ineffective portion is recognized immediately in net income. Until settled, the fair value of the derivative financial instruments will fluctuate based on changes in foreign
exchange or variable interest rates. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>p) Income taxes: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Income tax expense represents current tax and deferred tax.&nbsp;The Company records current tax based on the taxable profits for the period calculated using tax rates that have been enacted or substantively
enacted by the reporting date. Income taxes relating to uncertain tax positions are provided for based on the Company&#146;s best estimate, including related interest and penalty charges. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>52</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred income taxes are accounted for using the liability method. The liability
method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred income tax assets and liabilities are determined for each
temporary difference based on currently enacted or substantially enacted tax rates that are expected to be in effect when the underlying items are expected to be realized. The effect of a change in tax rates or tax legislation is recognized in the
period of substantive enactment. Deferred tax assets, such as non-capital loss carryforwards, are recognized to the extent it is probable that taxable profit will be available against which the asset can be utilized. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company accrues for taxes that will be incurred upon distributions from its subsidiaries when it is probable that the earnings will be repatriated. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The determination of income taxes requires the use of judgment and estimates. If certain judgments or estimates prove to be inaccurate, or if certain tax rates or
laws change, the Company&#146;s results of operations and financial position could be materially impacted. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>q) Provisions: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Provisions are recognized where a legal or constructive obligation has been incurred as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>r) Segmented information: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s operations
consist of the production and sale of methanol, which constitutes a single operating segment. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>s) Anticipated changes to International Financial
Reporting Standards: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The IASB has issued new accounting standards related to accounting and disclosures for consolidation and joint arrangements;
IFRS 10, Consolidated Financial Statements; IFRS 11, Joint Arrangements; and IFRS 12, Disclosure of Interests in Other Entities. The IASB has revised the definition of &#147;control,&#148; under IFRS 10, which is a criterion for consolidation
accounting. In addition, changes to IFRS in the accounting for joint arrangements were issued under IFRS 11, which, under certain circumstances, removed the option for proportionate consolidation accounting so that the equity method of accounting
for such interests would need to be applied. The Company currently accounts for the 63.1% interest in Atlas Methanol Company using proportionate consolidation accounting and will account for this entity using the equity method of accounting
effective January&nbsp;1, 2013. The change to equity accounting does not result in any change to net earnings or shareholders&#146; equity, but will result in changes to the presentation of the Consolidated Statements of Income and the Consolidated
Statements of Financial Position. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>3. Trade and other receivables: </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>&nbsp;31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL>&nbsp;31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349,632</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310,616</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Value-added and other tax receivables</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>49,807</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,132</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current portion of GeoPark financing (note 8)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>8,028</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,200</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21,736</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,482</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>429,203</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">378,430</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>4. Inventories: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Inventories are valued at the lower of cost, determined on a first-in first-out basis, and estimated net realizable value. The amount of inventories included in cost of sales and operating expenses and depreciation
and amortization for the year ended December&nbsp;31, 2012 is $2,082 million (2011 &#150; $2,052 million). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>53</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>5. Property, plant and equipment: </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Buildings,&nbsp;Plant<BR>Installations&nbsp;and<BR>Machinery</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Plant&nbsp;under<BR>Construction</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Oil and Gas<BR>Properties</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Other</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>Total</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost at January&nbsp;1, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,209,597</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>77,486</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>88,642</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,377,051</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Additions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>132,727</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73,912</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,882</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4,457</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>213,978</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Disposals and other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(62,604</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(24,193</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(86,797</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost at December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,279,720</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,368</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,906</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,504,232</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accumulated depreciation at January&nbsp;1, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,070,267</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>32,990</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>40,771</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,144,028</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Disposals and other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(30,935</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(18,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(49,608</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>146,949</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,437</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6,201</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>171,587</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>200,753</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22,724</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>223,477</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accumulated depreciation at December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,387,034</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>74,151</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28,299</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,489,484</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net book value at December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,892,686</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>75,238</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6,217</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>40,607</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,014,748</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Buildings,&nbsp;Plant<BR>Installations&nbsp;and<BR>Machinery</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Plant&nbsp;under<BR>Construction</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil&nbsp;and&nbsp;Gas<BR>Properties</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Other</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Total</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost at January&nbsp;1, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,131,608</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">54,049</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">116,203</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,268,180</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Additions</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">106,693</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,302</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,045</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,806</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">132,846</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(34,367</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(34,367</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Transfers</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">971,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(971,296</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Reclassified from other assets, net</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,392</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,392</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cost at December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,209,597</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,326</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">77,486</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">88,642</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,377,051</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated depreciation at January&nbsp;1, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">929,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"> &#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,092</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60,433</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,009,604</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Disposals and other</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(25,431</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(25,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Depreciation</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">141,188</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,898</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,769</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">159,855</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Accumulated depreciation at December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,070,267</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"> &#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32,990</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,771</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,144,028</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Net book value at December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,139,330</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,326</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">44,496</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">47,871</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,233,023</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Included in buildings, plant installations and machinery at December&nbsp;31, 2012 and 2011 are capitalized costs of $99.3 million
relating to the oxygen production facilities in Trinidad accounted for as finance leases (note 10). The net book value of these assets as at December&nbsp;31, 2012 was $43.9 million (2011 &#150; $49.8 million). </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Other property, plant and equipment includes ocean-shipping vessels with a total net book value of $26.8 million at December&nbsp;31, 2012
(2011&nbsp;&#150;&nbsp;$28.6 million). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, the Company made a final investment decision to proceed with the project to relocate an idle Chile
facility to Geismar, Louisiana. Under IFRS, certain costs incurred in relation to relocating an asset are not eligible for capitalization to property, plant and equipment and are required to be charged directly to income. For the year ended
December&nbsp;31, 2012, the Company incurred $112.8 million in expenditures related to this project, of which $73.9 million was recorded to property, plant and equipment and the remaining $38.9 million ($23.3 million after-tax) was recognized as
Louisiana project relocation expenses and charges in the Consolidated Statements of Income. In addition, for the year ended December&nbsp;31, 2012, the Company charged to income $25.7 million ($17.6 million after-tax) related to the carrying value
of the Chile facility being relocated and this is also included in Louisiana project relocation expenses and charges. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended
December&nbsp;31, 2012, the Company recorded an asset impairment charge relating to the carrying value of its Chile operations. See note 6 of these consolidated financial statements for more information. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>6. Asset impairment charge: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company
reviews the carrying value of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company expects to idle its Chile operations in March 2013 due to an expected
shortfall of natural gas </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>54</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">
feedstock to keep the plant operating through the southern hemisphere winter. The Company is continuing to work with its natural gas suppliers to secure sufficient natural gas to sustain its
operations, and while the restart of a Chile plant is possible later in 2013, the restart is dependent on securing a sustainable natural gas position to operate over the medium term. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">As a consequence of the uncertain outlook for the supply of natural gas feedstock to its Chile operations, the carrying value of the Company&#146;s Chile assets was tested for recoverability at December&nbsp;31,
2012. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Recoverability was measured by comparing the carrying value of the Chile assets to the estimated recoverable amount which is the higher of
its&nbsp;estimated fair value less costs to sell or its value in use. Value in use was determined by measuring the pre-tax cash flows expected to be generated from the Chile assets over their estimated useful life discounted by a pre-tax discount
rate. The pre-tax discount rate of 13% was derived from the Company&#146;s estimated cost of capital. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">There are two key variables that impact the
Company&#146;s estimates of future cash flows: (1)&nbsp;the methanol price and (2)&nbsp;the price and availability of natural gas feedstock. Short-term methanol price estimates are based on current supply and demand fundamentals and current methanol
prices.&nbsp;Long-term methanol price estimates are based on the Company&#146;s view of long-term supply and demand, and consideration is given to many factors, including, but not limited to, estimates of global industrial production rates, energy
prices, changes in general economic conditions, future global methanol production capacity, industry operating rates and the global industry cost structure. The Company&#146;s estimate of the price and availability of natural gas takes into
consideration the current contracted terms, as well as factors that it believes are relevant to supply under these contracts and supplemental natural gas sources.&nbsp;Other assumptions included in the Company&#146;s estimate of future cash flows
include the estimated cost incurred to maintain the facilities, estimates of transportation costs and other variable costs incurred in producing methanol in each period. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Based on the test performed, the Company recorded a non-cash before-tax asset impairment charge of $297 million ($193 million after-tax) to write down the carrying value of the Chile assets at December&nbsp;31,
2012 to $245 million, which excludes the Chile facility that is being relocated to Geismar, Louisiana. The pre-tax asset impairment charge was allocated as follows: </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge allocated to:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Buildings, plant installations and machinery</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>200,753</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas properties</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22,724</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas properties</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73,499</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Asset impairment charge</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296,976</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>7. Interest in Atlas joint venture: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company has a 63.1% joint venture interest in Atlas Methanol Company (Atlas). Atlas owns a 1.8&nbsp;million tonne per year methanol production facility in Trinidad. Included in the consolidated financial
statements are the following amounts representing the Company&#146;s proportionate interest in Atlas: </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,266</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other current assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>70,017</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">92,259</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275,855</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281,263</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11,671</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9,429</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade, other payables and accrued liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>35,834</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">32,990</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt, including current maturities (note 9)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>49,659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64,397</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance leases and other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>45,805</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">49,305</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19,790</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,814</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>55</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</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="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER&nbsp;31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Revenue</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>166,440</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">224,902</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(166,386</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(199,303</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>54</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,599</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(85</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,853</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(31</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">20,746</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <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="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER&nbsp;31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash inflows from operating activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>60,795</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36,062</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash outflows from financing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(24,905</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(19,641</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash outflows from investing activities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(26,931</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(17,831</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>8. Other assets: </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>&nbsp;31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT
STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL>&nbsp;31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil and gas properties<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11,209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50,946</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Restricted cash<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44,753</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>GeoPark financing<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(c)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,872</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Marketing and production rights, net of accumulated
amortization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(d)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,667</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,634</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Defined benefit pension plans (note 22)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,516</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>12,579</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">16,640</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73,724</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">125,931</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Oil and gas properties: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Costs incurred for oil and natural gas exploration properties that do not have reserves are capitalized to other assets. Upon determination of proven reserves and
internal approval for development, the costs are transferred to property, plant and equipment. During the year, the Company incurred $30.0 million (2011 &#150; $17.5 million) in exploration and evaluation expenditures and $3.8 million in non-cash
additions, offset by amortization charges. At December&nbsp;31, 2012, the Company recorded an asset impairment charge relating to the carrying value of its Chile operations, which includes oil and gas properties (note 6). </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Restricted cash: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During the year ended December&nbsp;31,
2012, the Company contributed $4.9 million (2011 &#150; $1.7 million drawn) in relation to its limited recourse debt facilities. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) GeoPark
financing: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Over the past few years, the Company has provided GeoPark Chile Limited (GeoPark) $57.0 million (of which $49.8 million has been repaid
at December&nbsp;31, 2012) in financing to support and accelerate GeoPark&#146;s natural gas exploration and development activities in the Fell block in southern Chile. GeoPark agreed to supply the Company with all natural gas sourced from the Fell
block under a ten-year exclusive supply arrangement. As at December&nbsp;31, 2012, the outstanding balance is $8.0 million (2011 &#150; $18.1 million), of which the full amount (2011 &#150; $7.2 million), representing the current portion, has been
recorded in trade and other receivables. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>d) Marketing and production rights, net of accumulated amortization: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, amortization of marketing and production rights included in depreciation and amortization was $4.0 million (2011 &#150;
$4.0 million). <B> </B></FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>56</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>9. Long-term debt: </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unsecured notes:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(i)&nbsp;&nbsp;&nbsp;3.25% due December&nbsp;15, 2019 (effective yield 3.40%)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>343,828</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"> &#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(ii)&nbsp;&nbsp;5.25% due March&nbsp;1, 2022 (effective yield 5.30%)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>246,326</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(iii)&nbsp;6.00% due August&nbsp;15, 2015 (effective yield 6.10%)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>149,344</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">149,119</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(iv)&nbsp;8.75% due August&nbsp;15, 2012 (effective yield 8.88%)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">199,643</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>739,498</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">348,762</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Atlas limited recourse debt facilities (63.1% proportionate share):</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(i)&nbsp;&nbsp;&nbsp;Senior secured notes with semi-annual interest payments of 7.95%&nbsp;per annum. Principal is paid in
nine&nbsp;semi-annual payments, which commenced December 2010.</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>27,915</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,730</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(ii)&nbsp;&nbsp;Senior fixed rate bond with semi-annual interest payments of 8.25%&nbsp;per annum. Principal will be paid in
four&nbsp;semi-annual payments commencing June 2015.</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>14,927</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,869</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-1.71em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>(iii)&nbsp;Subordinated loans with an interest rate based on LIBOR plus a spread ranging from
2.25% to 2.75%&nbsp;per annum. Principal is paid in 20 semi-annual payments, which commenced December 2010.</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6,817</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,798</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>49,659</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">64,397</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egypt limited recourse debt facilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Four facilities with interest payable semi-annually with rates based on LIBOR plus a spread
ranging from 1.0% to 1.7%&nbsp;per annum. Principal is paid in 24 semi-annual payments, which commenced in September 2010.</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>438,631</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">470,208</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other limited recourse debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>17,437</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,888</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total long-term debt<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">903,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Less current maturities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(53,334</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(251,107</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,191,891</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652,148</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Total debt is presented net of deferred financing fees of $22.2 million at December&nbsp;31, 2012 (2011 &#150; $15.3 million). </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Egypt limited recourse debt facilities bear interest at LIBOR plus a spread. The Company has
entered into interest rate swap contracts to swap the LIBOR-based interest payments for an average aggregated fixed rate of 4.8% plus a spread on approximately 75% of the Egypt limited recourse debt facilities for the period to March&nbsp;31, 2015
(note 20). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The other limited recourse debt includes one limited recourse facility with a remaining term of approximately seven years with interest
payable at LIBOR plus 0.75% and another limited recourse debt facility with a remaining term of approximately four-and-a-half years with interest payable at LIBOR plus 2.8%. Both of these financial obligations are paid in equal quarterly payments
including principal and interest. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, non-cash accretion, on an effective interest basis, of deferred financing
costs included in finance costs was $3.2 million (2011 &#150; $3.0 million). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The minimum principal payments for long-term debt in aggregate and for each
of the five succeeding years are as follows: </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="89%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2013</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B> 53,246</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-TOP:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2014</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>61,914</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2015</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>200,092</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>52,743</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2017</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>47,822</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Thereafter</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>851,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,267,427</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The covenants governing the Company&#146;s unsecured notes apply to the Company and its subsidiaries, excluding the Atlas joint
venture and Egypt entity (&#147;limited recourse subsidiaries&#148;), and include restrictions on liens, sale and lease-back transactions, a merger or consolidation with another corporation or sale of all or substantially all of the Company&#146;s
assets. The indenture also contains customary default provisions. </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>57</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During 2012, the Company entered into a $400 million unsecured revolving credit
facility with a syndicate of highly rated financial institutions that expires in December 2016. This facility contains covenant and default provisions in addition to those of the unsecured notes as described above. Significant covenants and default
provisions under this facility include: </FONT></P> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">the obligation to maintain an EBITDA to interest coverage ratio of greater than 2:1 and a debt to capitalization ratio of less than or equal to 50%, calculated on a four-quarter
trailing average basis in accordance with definitions in the credit agreement that include adjustments related to the limited recourse subsidiaries, </FONT></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">a default if payment is accelerated by the creditor on any indebtedness of $10 million or more of the Company and its subsidiaries, except for the limited recourse subsidiaries,
and </FONT></TD></TR></TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">c)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1">a default if a default occurs that permits the creditor to demand repayment on any other indebtedness of $50 million or more of the Company and its subsidiaries, except for the
limited recourse subsidiaries. </FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Atlas and Egypt limited recourse debt facilities are described as limited recourse as they are secured
only by the assets of the Atlas joint venture and the Egypt entity, respectively. Accordingly, the lenders to the limited recourse debt facilities have no recourse to the Company or its other subsidiaries. The Atlas and Egypt limited recourse debt
facilities have customary covenants and default provisions that apply only to these entities, including restrictions on the incurrence of additional indebtedness, a requirement to fulfill certain conditions before the payment of cash or other
distributions and a restriction on these distributions if there is a default subsisting. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Egypt limited recourse debt facilities also contain a
covenant to complete by March&nbsp;31, 2013 certain land title registrations and related mortgages that require action by Egyptian government entities and which the Company does not expect to complete by March&nbsp;31, 2013. The Company is seeking a
waiver from the lenders. The Company does not believe the finalization of these items is material to the security provided to the lenders. The Company cannot assure you that it will be able to obtain a waiver from the lenders. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Failure to comply with any of the covenants or default provisions of the long-term debt facilities described above could result in a default under the applicable
credit agreement that would allow the lenders to not fund future loan requests and to accelerate the due date of the principal and accrued interest on any outstanding loans. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, management believes the Company was in compliance with all of the covenants and default provisions related to long-term debt obligations. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>10. Finance leases: </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL> 31<BR>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance lease obligations</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,979</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,692</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Less current maturities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(7,367</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,713</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>48,612</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55,979</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, the Company has finance lease obligations related to oxygen production facilities in Trinidad that are
set to expire in 2015 and 2024. The liabilities mature as follows until the expiry of the leases: </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="68%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Lease&nbsp;payments</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest<BR>component</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Finance<BR>lease<BR>obligations</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2013</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,332</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,358</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2014</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>11,790</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,733</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>8,057</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2015</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>10,335</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3,091</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,244</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2016</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,640</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,569</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2017</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>7,196</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2,239</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4,957</B></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Thereafter</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>29,811</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>6,017</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>23,794</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>78,031</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,052</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,979</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>58</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>11. Other long-term liabilities: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Site restoration costs<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(a)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22,596</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred gas payments<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">(b)</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>70,844</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Share-based compensation liability (note 15)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>62,570</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,157</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Fair value of Egypt interest rate swap (note 20)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>32,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Defined benefit pension plans (note 22)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31,642</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,542</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,359</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196,203</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Less current maturities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(26,536</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(18,031</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>193,823</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">178,172</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Site restoration costs: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has accrued liabilities related to the decommissioning and reclamation of its methanol production sites and oil and gas properties. Because of
uncertainties in estimating the amount and timing of the expenditures related to the sites, actual results could differ from the amounts estimated. At December&nbsp;31, 2012, the total undiscounted amount of estimated cash flows required to settle
the liabilities was $27.6 million (2011 &#150; $33.4 million). The movement in the provision during the year is explained as follows: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance at January&nbsp;1</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,889</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">23,951</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>New or revised provisions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,884</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,454</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Amounts charged against provisions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(66</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accretion expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>508</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">550</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance at December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>22,596</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,889</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Deferred gas payments: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has a long-term liability of $82.8 million (2011 &#150; $51.1 million) related to deferred natural gas payments that is payable in installments in 2013,
2014 and 2015, of which $11.9 million (2011 &#150; nil), representing the current portion, has been recorded in trade, other payables and accrued liabilities. At December&nbsp;31, 2012, the total undiscounted amount of estimated cash flows required
to settle the liability was $86.5 million (2011 &#150; $52.9 million). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>59</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>12. Expenses: </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="72%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of sales</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,954,067</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,910,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Selling and distribution</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>342,122</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">319,026</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Administrative expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>62,734</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">34,072</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total expenses by function</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,358,923</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,263,987</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of raw materials and purchased methanol</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,601,871</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,622,764</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Ocean freight and other logistics</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>300,936</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">280,313</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Employee expenses, including share-based compensation</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>184,835</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">130,513</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>99,646</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">73,730</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of sales and operating expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,187,288</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,107,320</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Depreciation and amortization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>171,635</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">156,667</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total expenses by nature</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,358,923</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,263,987</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>13. Finance costs: </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="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Finance costs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>72,897</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">69,897</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Less capitalized interest</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,583</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(8,100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71,314</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">61,797</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Finance costs are primarily&nbsp;comprised of&nbsp;interest on borrowings and finance lease obligations, the effective portion of
interest rate swaps designated as cash flow hedges, amortization of deferred financing fees, and accretion expense associated with site restoration costs. The Company has interest rate swap contracts on its Egypt limited recourse debt facilities to
swap the LIBOR-based interest payments for an average aggregated fixed rate of 4.8% plus a spread on approximately 75% of the Egypt limited recourse debt facilities for the period to March&nbsp;31, 2015. Capitalized interest relates to interest
capitalized during construction until a plant is substantially completed and ready for productive use. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>14. Net income (loss) per
common share: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Diluted net income (loss) per common share is calculated by considering the potential dilution that would occur if outstanding stock
options and, under certain circumstances, tandem share appreciation rights (TSARs) were exercised or converted to common shares. During the year ended December&nbsp;31, 2012, the Company incurred a net loss attributable to Methanex shareholders and
therefore the impact of the potential dilution of stock options and TSARs is anti-dilutive. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding TSARs may be settled in cash or common shares at
the holder&#146;s option. For the purposes of calculating diluted net income per common share, the more dilutive of cash-settled and equity-settled method is used, regardless of how the plan is accounted for. Accordingly, TSARs that are accounted
for using the cash-settled method will require adjustments to the numerator and denominator if the equity-settled method is determined to have a dilutive effect on diluted net income per common share. During the year ended December&nbsp;31, 2011,
the Company recorded a share-based compensation recovery related to TSARs. Therefore, for this period, the equity-settled method has been determined to be the more dilutive for purposes of calculating diluted net income per common share. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">A reconciliation of the net income (loss) attributable to Methanex shareholders used for the purpose of calculating diluted net income (loss) per common share is as
follows: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Numerator for basic net income (loss) per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">201,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjustment for the effect of TSARs:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash-settled recovery included in net income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,416</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity-settled expense</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(4,327</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Numerator for diluted net income (loss) per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68,105</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194,583</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>60</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Stock options and TSARs, if calculated using the equity-settled method, are considered
dilutive when the average market price of the Company&#146;s common shares during the period disclosed exceeds the exercise price of the stock option or TSAR. A reconciliation of the number of common shares used for the purposes of calculating basic
and diluted net income (loss) per common share is as follows: </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="75%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Denominator for basic net income (loss) per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>93,755,509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">93,026,482</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Effect of dilutive stock options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,305,480</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Effect of dilutive TSARs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,994</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Denominator for diluted net income (loss) per common share<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>93,755,509</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">94,360,956</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Due to the net loss attributable to Methanex shareholders, nil outstanding stock options for the year ended December&nbsp;31, 2012 are dilutive and have been
included in the diluted weighted average number of common shares (December 31, 2011 &#150; 3,039,284). Nil outstanding TSARs for the year ended December&nbsp;31, 2012 are dilutive and have been included in the diluted weighted average number of
common shares (December 31, 2011 &#150; 724,905).<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"> </SUP></FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the years ended December&nbsp;31, 2012 and 2011, basic and diluted net income (loss) per common
share attributable to Methanex shareholders were as follows: </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="75%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Basic net income (loss) per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.16</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Diluted net income (loss) per common share</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(0.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2.06</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>15. Share-based compensation: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company provides share-based compensation to its directors and certain employees through grants of stock options, tandem share appreciation rights (TSARs), share appreciation rights (SARs) and deferred,
restricted or performance share units. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December 31, 2012, the Company had 1,330,958 common shares reserved for future grants of stock options and
tandem share appreciation rights under the Company&#146;s stock option plan. </FONT></P> <P STYLE="margin-top:10px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Share appreciation rights and tandem share appreciation rights:
</B></FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">All SARs and TSARs granted have a maximum term of seven years with one-third vesting each year after the date of grant. SARs and TSARs units
outstanding at December&nbsp;31, 2012 are as follows: </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="61%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="8" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">SARS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">TSARS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>UNITS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">EXERCISE<BR>PRICE&nbsp;USD</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>UNITS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">EXERCISE<BR>PRICE&nbsp;USD</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding at December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">388,965</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">735,505</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.19</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">274,210</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28.69</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">498,190</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Exercised</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(14,030</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(7,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cancelled</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(25,598</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25.87</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(6,160</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">27.14</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding at December&nbsp;31, 2011 <SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">623,547</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26.72</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,219,735</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26.65</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Granted</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>353,890</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31.64</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>652,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31.69</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Exercised</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(55,331</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26.07</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(15,800</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25.93</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cancelled</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(24,581</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>29.10</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(40,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>27.61</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding at December&nbsp;31, 2012 <SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>897,525</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,815,535</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>61</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Information regarding the SARs and TSARs outstanding at December&nbsp;31, 2012 is as
follows: </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="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="12" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">UNITS OUTSTANDING AT DECEMBER 31,&nbsp;2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">UNITS EXERCISABLE AT<BR>DECEMBER 31, 2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Range of Exercise Prices</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>REMAINING<BR>CONTRACTUAL<BR>LIFE&nbsp;(YEARS)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER<BR>OF&nbsp;UNITS</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">OUTSTANDING</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE<BR>PRICE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER<BR>OF&nbsp;UNITS<BR>EXERCISABLE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE<BR>PRICE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>SARs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$25.22 to $31.74</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>897,525</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28.63</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>263,759</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26.20</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>TSARs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$23.36 to $31.88</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,815,535</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.45</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>616,880</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.12</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The fair value of each SARs and TSARs grant was estimated on December&nbsp;31, 2012 using the Black-Scholes option pricing model
with the following weighted average assumptions: </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="81%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Risk-free interest rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>0.2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">0.3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected dividend yield</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected life of SARs and TSARs</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B><SMALL></SMALL>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2&nbsp;<SMALL>YEARS</SMALL></B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B><SMALL></SMALL>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SMALL></SMALL>&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2&nbsp;<SMALL>YEARS</SMALL></FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><SMALL></SMALL>&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected volatility</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>34%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected forfeitures</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4%</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4%</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average fair value (USD per share)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT><BR></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89</B></FONT><BR></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT><BR></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Compensation expense for SARs and TSARs is initially measured based on their fair value and is recognized over the vesting period.
Changes in fair value in each period are recognized in net income for the proportion of the service that has been rendered at each reporting date. The fair value at December&nbsp;31, 2012 was $18.0 million compared with the recorded liability of
$15.7 million. The difference between the fair value and the recorded liability of $2.3 million will be recognized over the weighted average remaining vesting period of approximately 1.7 years. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, compensation expense related to SARs and TSARs included in cost of sales and operating expenses was an expense of $10.8
million (2011 &#150; recovery of $3.5 million). This included an expense of $3.1 million (2011 &#150; recovery of $10.4 million) related to the effect of the change in the Company&#146;s share price. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Deferred, restricted and performance share units: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Deferred, restricted and performance share units outstanding at December&nbsp;31, 2012 are as follows: </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="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#ffffff"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#ffffff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER OF<BR>DEFERRED&nbsp;SHARE<BR>UNITS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#ffffff" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#ffffff">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER OF<BR>RESTRICTED&nbsp;SHARE<BR>UNITS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER OF<BR>PERFORMANCE&nbsp;SHARE<BR>UNITS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding at December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">557,187</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46,604</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,169,617</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Granted</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">25,516</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">281,470</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Granted in lieu of dividends</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">15,208</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,566</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28,887</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Redeemed</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(16,682</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(343,931</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Cancelled</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(32,994</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding at December&nbsp;31, 2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">597,911</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">48,588</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,103,049</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Granted</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21,649</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>20,400</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>358,330</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Granted in lieu of dividends</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>13,821</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,502</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25,339</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Redeemed</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(66,531</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(31,607</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(413,138</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cancelled</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(19,711</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding at December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>566,850</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>38,883</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,053,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>62</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Compensation expense for deferred, restricted and performance share units is measured
at fair value based on the market value of the Company&#146;s common shares and is recognized over the vesting period. Changes in fair value are recognized in net income for the proportion of the service that has been rendered at each reporting
date. The fair value of deferred, restricted and performance share units at December&nbsp;31, 2012 was $52.5 million compared with the recorded liability of $46.9 million. The difference between the fair value and the recorded liability of $5.6
million will be recognized over the weighted average remaining vesting period of approximately 1.8 years. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012,
compensation expense related to deferred, restricted and performance share units included in cost of sales and operating expenses was an expense of $24.4 million (2011 &#150; recovery of $2.2 million). This included an expense of $12.4 million (2011
&#150; recovery of $10.9 million) related to the effect of the change in the Company&#146;s share price. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) Stock options: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The exercise price of each incentive stock option is equal to the quoted market price of the Company&#146;s common shares at the date of the grant. Options granted
prior to 2005 have a maximum term of ten years with one-half of the options vesting one year after the date of the grant and a further vesting of one-quarter of the options per year over the subsequent two years. Beginning in 2005, all options
granted have a maximum term of seven years with one-third of the options vesting each year after the date of grant. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Common shares reserved for
outstanding incentive stock options at December&nbsp;31, 2012 and 2011 are as follows: </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="47%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="8" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OPTIONS DENOMINATED IN CAD</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OPTIONS DENOMINATED IN USD</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>STOCK<BR>OPTIONS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE<BR>PRICE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>STOCK<BR>OPTIONS</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE<BR>PRICE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Outstanding at December&nbsp;31, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,574,257</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.95</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Granted</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">67,800</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28.74</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Exercised</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,250</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">9.56</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(613,483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18.53</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cancelled</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(24,370</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17.16</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding at December&nbsp;31, 2011</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,004,204</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19.19</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Granted</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>84,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Exercised</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(1,062,215</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18.03</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cancelled</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(43,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>18.13</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Outstanding at December&nbsp;31, 2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,982,947</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19.97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Information regarding the stock options outstanding at December&nbsp;31, 2012 is as follows: </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="30%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="12" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OPTIONS OUTSTANDING AT DECEMBER 31, 2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OPTIONS EXERCISABLE AT<BR>DECEMBER&nbsp;31,&nbsp;2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">Range of Exercise Prices</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>REMAINING<BR>CONTRACTUAL<BR>LIFE&nbsp;(YEARS)</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>STOCK<BR>OPTIONS<BR>OUTSTANDING</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE<BR>PRICE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NUMBER&nbsp;OF<BR>STOCK<BR>OPTIONS<BR>EXERCISABLE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">WEIGHTED<BR>AVERAGE<BR>EXERCISE</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">PRICE</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Options</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$6.33 to $11.56</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>968,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6.52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>968,180</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6.52</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$20.76 to $25.22</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,014,777</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24.17</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>988,177</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24.14</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>$28.43 to $31.73</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>999,990</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28.73</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>873,890</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>28.44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,982,947</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,830,247</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, compensation expense related to stock options was $0.7 million (2011 &#150; $0.8
million). </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>63</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>16. Segmented information: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s operations consist of the production and sale of methanol, which constitutes a single operating segment. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During the years ended December&nbsp;31, 2012 and 2011, revenues attributed to geographic regions, based on the location of customers, were as follows: </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="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">REVENUE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">UNITED&nbsp;STATES</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CANADA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">EUROPE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CHINA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">KOREA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OTHER&nbsp;ASIA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">LATIN<BR>AMERICA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">TOTAL</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>562,510</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>180,283</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>772,338</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>408,557</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>285,963</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>188,702</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>274,601</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,672,954</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631,822</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,928</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678,968</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431,137</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267,058</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154,899</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268,225</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,608,037</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">As at December&nbsp;31, 2012 and 2011, the net book value of property, plant and equipment and oil and gas assets by country were
as follows: </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="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">UNITED&nbsp;STATES<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CHILE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">TRINIDAD</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">EGYPT</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NEW<BR>ZEALAND</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CANADA</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">OTHER</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">TOTAL</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235,925</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469,611</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899,060</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172,458</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,735</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,014,748</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Oil &amp; gas properties</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,019</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>8,190</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11,209</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>144,059</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>238,944</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>469,611</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>899,060</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>180,648</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>57,900</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>35,735</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,025,957</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Property, plant and equipment</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,326</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">598,377</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">496,055</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">939,218</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">103,889</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,331</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,827</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,233,023</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1">Oil &amp; gas properties</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,772</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,174</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">50,946</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,326</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">641,149</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">496,055</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">939,218</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">112,063</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,331</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,827</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,283,969</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP>&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Included in the United States is $69 million related to the facility being relocated from Chile to Geismar, Louisiana. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>17. Income and other taxes: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Income tax expense: </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="77%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current tax expense:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current period</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,339</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Impact of asset impairment charge and Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,349</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjustments to prior years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(386</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,241</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>30,302</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36,241</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred tax expense (recovery):</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Origination and reversal of temporary differences</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>12,060</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">17,058</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Impact of asset impairment charge and Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(128,917</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjustments to prior years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,782</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(274</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,055</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,895</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(114,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,679</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total income tax expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(83,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,920</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Income tax expense included in other comprehensive income: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Included in other comprehensive income for the year ended December&nbsp;31, 2012 is a deferred income tax expense of $3.3 million (2011 &#150; recovery of $12.8 million) related to the change in fair value of
interest rate swap contracts and defined benefit pension plans where the amounts are deductible for tax purposes upon settlement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>64</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) Reconciliation of the effective tax rate: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company operates in several tax jurisdictions and therefore its income is subject to various rates of taxation. Income tax expense differs from the amounts that
would be obtained by applying the Canadian statutory income tax rate to net income (loss) before income taxes as follows: </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="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income (loss) before income taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(118,293</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Add back: asset impairment charge and Louisiana project relocation expenses and
charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>361,564</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>243,271</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">283,920</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Canadian statutory tax rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25.0</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26.5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Income tax expense calculated at Canadian statutory tax rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,818</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">75,239</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Increase (decrease) in income tax expense resulting from:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Impact of income and losses taxed in foreign jurisdictions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(755</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,710</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Taxes on asset impairment charge and Louisiana project relocation expenses and charges</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(127,567</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Previously unrecognized loss carryforwards and temporary differences</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(22,686</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(29,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjustments to prior years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,396</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">967</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5,076</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6,540</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total income tax expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(83,718</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">55,920</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>d) Net deferred income tax liabilities: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">(i) The tax effect of temporary differences that give rise to deferred income tax liabilities and deferred income tax assets are as follows: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213,096</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270,483</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Repatriation taxes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>101,690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">103,822</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24,089</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,465</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>338,875</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">417,770</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-capital loss carryforwards</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>99,904</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">40,284</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Property, plant and equipment</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>125</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,295</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Fair value of interest rate swap contracts</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>7,385</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">10,384</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>39,883</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">53,475</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>147,297</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">115,438</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net deferred income tax liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>191,578</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">302,332</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company recognizes deferred income tax assets to the extent that it is probable that the benefit of these assets will be
realized. At December&nbsp;31, 2012, the Company had non-capital loss carryforwards and other deductible temporary differences in New Zealand of $65 million that have not been recognized. These non-capital loss carryforwards have no expiry date
under current legislation. In Canada, the Company had non-capital loss carryforwards of $91 million and other deductible temporary differences of $141 million that have not been recognized. Of the $91 million in non-capital loss carryforwards, $1
million expire in 2014, $67 million expire in 2015 and the remainder expire in 2031. The Company has $189 million of deductible temporary differences in the United States that have not been recognized. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>65</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">(ii) Analysis of the change in deferred income tax liabilities: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, January&nbsp;1</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302,332</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295,431</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax expense (recovery) included in net income (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(114,020</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,679</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred income tax expense (recovery) included in other comprehensive
income</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,266</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(12,778</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, December&nbsp;31</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>191,578</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">302,332</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>e) Contingent liability: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Board of Inland Revenue of&nbsp;Trinidad and Tobago issued assessments against the Company&#146;s 63.1% owned joint venture, Atlas Methanol Company Unlimited
(&#147;Atlas&#148;), in respect of the 2005 and 2006 financial years.&nbsp;All subsequent tax years remain open to assessment. The assessments relate to the pricing arrangements of certain long-term fixed price sales contracts that extend to 2014
and 2019 related to methanol produced by Atlas. The impact of the amounts in dispute for the 2005 and 2006 financial years is not significant. Atlas has partial relief from corporation income tax until 2014. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has lodged objections to the assessments.&nbsp;Based on the merits of the cases and&nbsp;legal interpretation, management believes its position should
be sustained. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>18. Changes in non-cash working capital: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Changes in non-cash working capital for the years ended December&nbsp;31, 2012 and 2011 are as follows: </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Decrease (increase) in non-cash working capital:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other receivables</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(50,773</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(58,403</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Inventories</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>27,992</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(51,358</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Prepaid expenses</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(3,849</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,412</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade, other payables and accrued liabilities, including long-term payables included in other
long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46,379</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,170</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19,749</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,821</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Adjustments for items not having a cash effect and working capital changes relating to taxes and
interest paid</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5,098</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">31,075</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24,847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,896</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>These changes relate to the following activities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Operating</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>21,774</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,388</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Investing</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,073</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,508</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Changes in non-cash working capital</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>24,847</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">42,896</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>66</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>19. Capital disclosures: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s objectives in managing its liquidity and capital are to safeguard the Company&#146;s ability to continue as a going concern, to provide financial
capacity and flexibility to meet its strategic objectives, to provide an adequate return to shareholders commensurate with the level of risk, and to return excess cash through a combination of dividends and share repurchases. </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL> 31<BR>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31<BR>2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Liquidity:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>745,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350,711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Undrawn credit facility</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400,000</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,000</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total liquidity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,145,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">550,711</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Capitalization:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unsecured notes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>739,498</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">348,762</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Limited recourse debt facilities, including current portion</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>505,727</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">554,493</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">903,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Non-controlling interests</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>187,861</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">197,238</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shareholders&#146; equity</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,289,876</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">1,404,725</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total capitalization</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,722,962</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,505,218</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total debt to capitalization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>46</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">36</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net debt to
capitalization<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>25</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1">Total debt (including 100% of Egypt limited recourse debt facilities) divided by total capitalization. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Total debt (including 100% of Egypt limited recourse debt facilities) less cash and
cash equivalents divided by total capitalization less cash and cash equivalents. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company manages its liquidity and capital structure and makes adjustments to it in light of
changes to economic conditions, the underlying risks inherent in its operations and capital requirements to maintain and grow its operations. The strategies employed by the Company include the issue or repayment of general corporate debt, the issue
of project debt, the issue of equity, the payment of dividends and the repurchase of shares. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company is not subject to any statutory capital
requirements and has no commitments to sell or otherwise issue common shares except pursuant to outstanding employee stock options. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">During the year
ended December&nbsp;31, 2012, the Company entered into a $400 million revolving credit facility with a syndicate of banks that expires in December 2016. Note 9 provides further details regarding the financial and other covenants. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>20. Financial instruments: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Financial
instruments are either measured at amortized cost or fair value. Held-to-maturity investments, loans and receivables and other financial liabilities are measured at amortized cost. Held-for-trading financial assets and liabilities and
available-for-sale financial assets are measured on the Consolidated Statement of Financial Position at fair value. Derivative financial instruments are classified as held-for-trading and are recorded on the Consolidated Statement of Financial
Position at fair value unless exempted. Changes in fair value of held-for-trading derivative financial instruments are recorded in earnings unless the instruments are designated as cash flow hedges. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>67</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The following table provides the carrying value of each category of financial assets
and liabilities and the related balance sheet item: </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="71%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial assets held-for-trading:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative financial instruments designated as cash flow
hedges<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">300</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Loans and receivables:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>745,610</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">350,711</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other receivables, excluding tax receivable and current portion of GeoPark financing</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>371,368</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">332,642</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Project financing reserve accounts included in other assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44,754</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">39,839</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>GeoPark financing, including current portion (note 8)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>8,028</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">18,072</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial
assets<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,169,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">741,564</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other financial liabilities:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade, other payable and accrued liabilities, excluding tax payable</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>338,921</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">306,455</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred gas payments included in other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>82,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">51,079</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt, including current portion</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">903,255</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Financial liabilities held-for-trading:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:2.57em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative financial instruments designated as cash flow hedges<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>32,910</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">41,536</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total financial liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,699,816</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,302,325</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The euro hedges and the Egypt interest rate swaps designated as cash flow hedges are
measured at fair value based on industry-accepted valuation models and inputs obtained from active markets. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>The carrying amount of the financial assets represents the maximum exposure to credit
risk at the respective reporting periods. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">At December&nbsp;31, 2012, all of the Company&#146;s financial instruments are recorded on the
Consolidated Statement of Financial Position at amortized cost, with the exception of derivative financial instruments, which are recorded at fair value unless exempted. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Egypt limited recourse debt facilities bear interest at LIBOR plus a spread. The Company has interest rate swap contracts to swap the LIBOR-based interest payments for an average aggregated fixed rate of 4.8%
plus a spread on approximately 75% of the Egypt limited recourse debt facilities for the period to March&nbsp;31, 2015. The Company has designated these interest rate swaps as cash flow hedges. These interest rate swaps had outstanding notional
amounts of $342 million as at December&nbsp;31, 2012. The notional amounts decrease over the expected repayment period. At December&nbsp;31, 2012, these interest rate swap contracts had a negative fair value of $32.7 million (2011 &#150; $41.5
million) recorded in other long-term liabilities. The fair value of these interest rate swap contracts will fluctuate until maturity. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company also
designates as cash flow hedges forward exchange contracts to sell euros at a fixed US dollar exchange rate. At December&nbsp;31, 2012, the Company had outstanding forward exchange contracts designated as cash flow hedges to sell a notional amount of
5.8&nbsp;million euros in&nbsp;exchange for United States dollars and these euro contracts had a negative fair value of $0.2 million (2011 &#150; positive fair value of $0.3 million) recorded in trade, other payables and accrued liabilites. Changes
in the fair value of derivative financial instruments designated as cash flow hedges have been recorded in other comprehensive income. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The table below
shows cash outflows for derivative hedging instruments based upon contractual payment dates using LIBOR at December&nbsp;31, 2012. The amounts reflect the maturity profile of the fair value liability where the instruments will be settled net and are
subject to change based on the prevailing LIBOR at each of the future settlement dates. The swaps are with high investment-grade counterparties and therefore the settlement day risk exposure is considered to be negligible. </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="73%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Within one year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">14,178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>1 to 2 years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>13,348</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">13,178</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>2 to 3 years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6,042</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,451</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>3 to 4 years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5,036</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>4 to 5 years</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33,880</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44,843</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>68</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The fair values of the Company&#146;s derivative financial instruments as disclosed
above are determined based on Bloomberg quoted market prices and confirmations received from counterparties, which are adjusted for credit risk. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The
Company is exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments but does not expect any counterparties to fail to meet their obligations. The Company deals with only highly rated
counterparties, normally major financial institutions. The Company is exposed to credit risk when there is a positive fair value of derivative financial instruments at a reporting date. The maximum amount that would be at risk if the counterparties
to derivative financial instruments with positive fair values failed completely to perform under the contracts was nil at December&nbsp;31, 2012 (December 31, 2011 &#150; $0.5 million). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The carrying values of the Company&#146;s financial instruments approximate their fair values, except as follows: </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="44%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="8" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="8"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>CARRYING&nbsp;VALUE</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>FAIR&nbsp;VALUE</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">CARRYING&nbsp;VALUE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FAIR&nbsp;VALUE</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,245,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,302,237</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903,255</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913,311</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">There is no publicly traded&nbsp;market for the limited recourse debt facilities, the fair value of which is estimated by reference
to current market prices for debt securities with similar terms and characteristics. The fair value of the unsecured notes was calculated by reference to a limited number of small transactions at the end of&nbsp;2012 and 2011. The fair value of
the&nbsp;Company&#146;s unsecured notes will fluctuate until maturity. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>21. Financial risk management: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Market risks: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s operations consist of
the production and sale of methanol. Market fluctuations may result in significant cash flow and profit volatility risk for the Company. Its worldwide operating business as well as its investment and financing activities are affected by changes in
methanol and natural gas prices and interest and foreign exchange rates. The Company seeks to manage and control these risks primarily through its regular operating and financing activities and uses derivative instruments to hedge these risks when
deemed appropriate. This is not an exhaustive list of all risks, nor will the risk management strategies eliminate these risks. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanol price risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">The
methanol industry is a highly competitive commodity industry and methanol prices fluctuate based on supply and demand fundamentals and other factors. Accordingly, it is important to maintain financial flexibility. The Company has adopted a prudent
approach to financial management by maintaining a strong balance sheet including back-up liquidity. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Natural gas price risk
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">Natural gas is the primary feedstock for the production of methanol and the Company has entered into long-term natural gas supply
contracts for its production facilities in New Zealand, Trinidad, Egypt and Chile. These natural gas supply contracts include base and variable price components to reduce the commodity price risk exposure. The variable price component is adjusted by
formulas related to methanol prices above a certain level. The Company has entered into short-term natural gas forward supply contracts at fixed prices for a portion of the feedstock requirements for its Medicine Hat operations. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest rate risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">Interest
rate risk is the risk that the Company suffers financial loss due to changes in the value of an asset or liability or in the value of future cash flows due to movements in interest rates. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>69</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s interest rate risk exposure is mainly related to
long-term debt obligations. Approximately one-half of its debt obligations are subject to interest at fixed rates. The Company also seeks to limit this risk through the use of interest rate swaps, which allows the Company to hedge cash flow changes
by swapping variable rates of interest into fixed rates of interest. </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="74%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Fixed interest rate debt:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unsecured notes</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739,498</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348,762</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Atlas limited recourse debt facilities (63.1% proportionate share)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>42,842</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">56,599</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>782,340</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">405,361</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Variable interest rate debt:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Atlas limited recourse debt facilities (63.1% proportionate share)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6,817</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">7,798</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egypt limited recourse debt facilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>438,631</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">470,208</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other limited recourse debt facilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>17,437</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">19,888</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>462,885</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">497,894</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">For fixed interest rate debt, a 1% change in interest rates would result in a change in the fair value of the debt
(disclosed in note 20) of approximately $48.9 million as of December&nbsp;31, 2012 (2011 &#150; $7.8 million). The fair value of variable interest rate debt fluctuates primarily with changes in credit spreads. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">For the variable interest rate debt that is unhedged, a 1% change in LIBOR would result in a change in annual interest payments of $1.2 million as
of December&nbsp;31, 2012 (2011 &#150; $1.3 million). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">For the Egypt variable interest rate debt that is hedged (see note&nbsp;9) with a
variable-for-fixed interest rate swap (note 20), a 1% change in the interest rates along the yield curve would result in a change in fair value of the interest rate swaps of approximately $7.1 million as of December&nbsp;31, 2012 (2011 &#150; $11.3
million). These interest rate swaps are designated as cash flow hedges, which results in the effective portion of changes in their fair value being recorded in other comprehensive income. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Foreign currency risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">The
Company&#146;s international operations expose the Company to foreign currency exchange risks in the ordinary course of business. Accordingly, the Company has established a policy that provides a framework for foreign currency management and hedging
strategies and defines the approved hedging instruments. The Company reviews all significant exposures to foreign currencies arising from operating and investing activities and hedges exposures if deemed appropriate. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">The dominant currency in which the Company conducts business is the United States dollar, which is also the reporting currency. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanol is a global commodity chemical that is priced in United States dollars. In certain jurisdictions, however, the transaction price is set
either quarterly or monthly in the local currency. Accordingly, a portion of the Company&#146;s revenue is transacted in Canadian dollars, euros and, to a lesser extent, other currencies. For the period from when the price is set in local currency
to when the amount due is collected, the Company is exposed to declines in the value of these currencies compared to the United States dollar. The Company also purchases varying quantities of methanol for which the transaction currency is the euro
and, to a lesser extent, other currencies. In addition, some of the Company&#146;s underlying operating costs and capital expenditures are incurred in other currencies. The Company is exposed to increases in the value of these currencies that could
have the effect of increasing the United States dollar equivalent of cost of sales and operating expenses and capital expenditures. The Company has elected not to actively manage these exposures at this time except for a portion of the net exposure
to euro revenues, which is hedged through forward exchange contracts each quarter when the euro price for methanol is established. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">As at
December&nbsp;31, 2012, the Company had a net working capital asset of $94.6 million in non-US-dollar currencies (2011 &#150; $78.4 million). Each 10% strengthening (weakening) of the US dollar against these currencies would decrease (increase) the
value of net working capital and pre-tax cash flows and earnings by approximately $9.5 million (2011 &#150; $7.8 million). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Liquidity risks:
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Liquidity risk is the risk that the Company will not have sufficient funds to meet its liabilities, such as the settlement of financial debt and
lease obligations and payment to its suppliers. The Company maintains liquidity and makes adjustments to it in light of changes to economic conditions, underlying risks inherent in its operations and capital requirements to maintain and grow its
operations. At December&nbsp;31, 2012, the Company had $745.6 million of cash and cash equivalents. In addition, the Company has an undrawn, unsecured revolving bank facility of $400 million provided by highly rated financial institutions that
expires in December 2016. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>70</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">In addition to the above-mentioned sources of liquidity, the Company constantly
monitors funding options available in the capital markets, as well as trends in the availability and costs of such funding, with a view to maintaining financial flexibility and limiting refinancing risks. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The expected cash outflows of financial liabilities from the date of the balance sheet to the contractual maturity date are as follows:</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="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd">&nbsp;</TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT DECEMBER 31, 2012</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>C<SMALL>ARRYING</SMALL><BR><SMALL>AMOUNT</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>C<SMALL>ONTRACTUAL</SMALL><BR><SMALL>CASH</SMALL>&nbsp;
<SMALL>FLOWS</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1&nbsp;<SMALL>YEAR</SMALL><BR><SMALL>OR</SMALL>&nbsp;
<SMALL>LESS</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1-3&nbsp;<SMALL>YEARS</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3-5&nbsp;<SMALL>YEARS</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>M<SMALL>ORE</SMALL>&nbsp;<SMALL>THAN</SMALL><BR>5&nbsp;
<SMALL>YEARS</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade and other payables<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>328,627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>328,627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>328,627</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B> &#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Deferred gas payments included in other long-term liabilities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>82,760</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>86,485</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>11,916</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>74,569</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Long-term debt<SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,245,225</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,559,862</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>98,869</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>341,301</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>166,145</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>953,547</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egypt interest rate swaps</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>32,707</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>33,880</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>14,490</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19,390</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;1,689,319</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;2,008,854</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #1c91ff; BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;453,902</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;435,260</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;166,145</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;953,547</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Excludes tax and accrued interest. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="font-size:2px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">2</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Contractual cash flows include contractual interest payments related to debt
obligations. Interest rates on variable rate debt are based on prevailing rates at December&nbsp;31, 2012. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) Credit risks: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash
amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of offset exists and also includes the fair values of contracts with individual counterparties that are recorded in the
financial statements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trade credit risk </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="1">Trade credit risk is defined as an unexpected loss in cash and earnings if the customer is unable to pay its obligations in due time or if the value of the security provided declines. The Company has implemented a
credit policy that includes approvals for new customers, annual credit evaluations of all customers and specific approval for any exposures beyond approved limits. The Company employs a variety of risk-mitigation alternatives, including certain
contractual rights in the event of deterioration in customer credit quality and various forms of bank and parent company guarantees and letters of credit to upgrade the credit risk to a credit rating equivalent or better than the stand-alone rating
of the counterparty. Trade credit losses have historically been minimal and at December&nbsp;31, 2012 substantially all of the trade receivables were classified as current. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>Cash and cash equivalents </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1">To manage credit and liquidity risk, the Company&#146;s investment
policy specifies eligible types of investments, maximum counterparty exposure and minimum credit ratings. Therefore, the Company invests only in highly rated investment-grade instruments that have maturities of three months or less. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Derivative financial instruments </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s hedging policies specify risk management objectives and strategies for undertaking hedge transactions. The policies also include eligible types of derivatives and required transaction approvals,
as well as maximum counterparty exposures and minimum credit ratings. The Company does not use derivative financial instruments for trading or speculative purposes. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px; margin-left:2%"><FONT
STYLE="font-family:ARIAL" SIZE="1">To manage credit risk, the Company only enters into derivative financial instruments with highly rated investment-grade counterparties. Hedge transactions are reviewed, approved and appropriately documented in
accordance with company policies. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>71</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>22. Retirement plans: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Defined benefit pension plans: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has
non-contributory defined benefit pension plans covering certain employees. The Company does not provide any significant post-retirement benefits other than pension plan benefits. Information concerning the Company&#146;s defined benefit pension
plans, in aggregate, is as follows:</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="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL> 31<BR>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31<BR>2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Accrued benefit obligations:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78,558</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70,072</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current service cost</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,994</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest cost on accrued benefit obligations</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,618</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Benefit payments</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(4,375</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,522</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Settlements</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(7,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actuarial loss</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,865</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">11,049</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Foreign exchange loss (gain)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,510</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,257</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>79,497</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">78,558</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Fair values of plan assets:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, beginning of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>43,276</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">45,378</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected return on plan assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2,215</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Contributions</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>13,981</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4,349</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Benefit payments</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(4,375</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(5,522</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Settlements</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(7,673</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actuarial gain (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>963</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,577</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Foreign exchange gain (loss)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>984</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(685</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Balance, end of year</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>49,371</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">43,276</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Unfunded status</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>30,126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,282</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Minimum funding requirement</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&#150;</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">260</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Defined benefit obligation, net</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>30,126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">35,542</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has an unfunded retirement obligation of $30.9 million at December&nbsp;31, 2012 (2011 &#150; $33.3 million) for its
employees in Chile that will be funded at retirement in accordance with Chilean law. The accrued benefit for the unfunded retirement arrangement in Chile is paid when&nbsp;an employee leaves the Company in accordance with plan terms and Chilean
regulations. The Company has a funded retirement asset of $1.5 million at December&nbsp;31, 2012 (2011 &#150; funded obligation of $1.6 million) for its employees in Canada and a funded obligation of $0.7 million at December&nbsp;31, 2012 (2011
&#150; $0.6 million) for its employees in Europe. The Company estimates that it will make additional contributions relating to&nbsp;its defined benefit pensions plans totalling $5.1 million in 2013. </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s net defined benefit pension plan expense charged to the Consolidated Statements of Income for the years ended December&nbsp;31, 2012 and 2011 is
as follows: </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="75%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net defined benefit pension plan expense:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Current service cost</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,994</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2,551</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Interest cost on defined benefit obligations</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3,618</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3,665</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected return on plan assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(2,215</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(2,333</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cost of settlement</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>624</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5,021</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,883</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>72</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company&#146;s current year actuarial losses, recognized in the Consolidated
Statements of Comprehensive Income for the years ended December&nbsp;31, 2012 and 2011, are as follows: </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actuarial loss</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,278</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Minimum funding requirement</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>(260</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>)&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(986</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Actuarial loss, net</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>1,018</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">12,640</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company uses a December&nbsp;31 measurement date for its defined benefit pension plans. Actuarial reports for the
Company&#146;s defined benefit pension plans were prepared by independent actuaries for funding purposes as of December&nbsp;31, 2010 in Canada. The next actuarial reports for funding purposes for the Company&#146;s Canadian defined benefit pension
plans are scheduled to be completed as of December&nbsp;31, 2013. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The actuarial assumptions used in accounting for the defined benefit pension plans are
as follows: </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Benefit obligation at December&nbsp;31:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average discount rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.6</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Rate of compensation increase</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>3.9</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">3.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Net expense for years ended December&nbsp;31:</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Weighted average discount rate</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>5.2</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">5.9</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Rate of compensation increase</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>4.6</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">4.8</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Expected rate of return on plan assets</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>6.5</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">6.7</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The expected rate of return on plan assets is determined by considering the expected returns available on the assets underlying the
current investment policy. The difference between actual return and the expected return is an actuarial gain or loss and is recorded in the Consolidated Statements of Comprehensive Income for the year. For the year ended December&nbsp;31, 2012, the
Company&#146;s actual return on plan assets was a gain of $3.2 million (2011 &#150; loss of $0.3 million). </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The asset allocation for the defined benefit
pension plan assets as at December&nbsp;31, 2012 and 2011 is as follows: </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="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>D<SMALL>EC</SMALL>
31</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">D<SMALL>EC</SMALL> 31</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Equity securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>44</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">46</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Debt securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>26</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">28</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cash and other short-term securities</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>30</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">26</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>100</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>%&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>b) Defined contribution pension plans: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company has defined contribution pension plans. The Company&#146;s funding obligations under the defined contribution pension plans are limited to making regular payments to the plans, based on a percentage of
employee earnings. Total net pension expense for the defined contribution pension plans charged to operations during the year ended December&nbsp;31, 2012 was $4.6 million (2011&nbsp;&#150; $4.2 million). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>73</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></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"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>23. Commitments and contingencies: </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>a) Take-or-pay purchase contracts and related commitments: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has commitments under take-or-pay natural gas supply contracts to purchase feedstock supplies and to pay for transportation capacity related to these
supplies up to 2035. The minimum estimated commitment under these contracts, except as noted below, is as follows: </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT DECEMBER 31, 2012 </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="15%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR>
<TD HEIGHT="20" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2013</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2014</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>T<SMALL>HEREAFTER</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd">
<P STYLE="margin-left:0.86em; text-indent:-0.86em" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263,101</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,511</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165,592</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,275</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,019,796</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company is in the process of relocating one of its idled Chile methanol plants to Geismar, Louisiana. It is anticipated that
this plant will have a production capacity of approximately 1.0&nbsp;million tonnes and commence operations by the end of 2014. Subsequent to December&nbsp;31, 2012, the Company entered into a ten-year natural gas agreement for the supply of all of
the plant&#146;s natural gas requirements. Contractual deliveries and obligations under the contract commence on the first date of commercial operations. Also subsequent to December&nbsp;31, 2012, the Company entered into a natural gas supply
agreement to support the restart of its 0.5&nbsp;million tonne per year Waitara Valley facility in New Zealand. No amounts have been included in the above table related to these contracts. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1"><B>b) Chile and Argentina natural gas supply contracts: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has supply contracts with Argentinean
suppliers for natural gas sourced from Argentina for a significant portion of the capacity for its facilities in Chile with expiration dates between 2017 and 2025. Since June 2007, the Company&#146;s natural gas suppliers from Argentina have
curtailed all gas supply to the Company&#146;s plants in Chile. Under the current circumstances, the Company does not expect to receive any further natural gas supply from Argentina. These potential purchase obligations have been excluded from the
table above. </FONT></P> <P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company also has supply contracts with Empresa Nacional del Petroleo (ENAP) for a portion of the capacity for its facilities in Chile.
Over the last few years, deliveries from ENAP have been declining and ENAP has delivered significantly less than the full amount of natural gas that it was obligated to deliver under these contracts. These potential purchase obligations have been
excluded from the table above. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>c) Operating lease commitments: </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
STYLE="font-family:ARIAL" SIZE="1">The Company has future minimum lease payments under operating leases relating primarily to vessel charter, terminal facilities, office space, equipment and other operating lease commitments as follows: </FONT></P>
<P STYLE="margin-top:4px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">AS AT DECEMBER 31, 2012 </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="16%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD></TR>
<TR>
<TD HEIGHT="20" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD></TR>
<TR>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2013</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2014</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2015</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2016</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2017</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>T<SMALL>HEREAFTER</SMALL></B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd">
<P STYLE="margin-left:0.86em; text-indent:-0.86em" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,220</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96,622</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,579</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,798</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,492</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281,126</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">For the year ended December&nbsp;31, 2012, the Company recognized as an expense $141.1 million (2011 &#150; $142.3 million)
relating to operating lease payments, including time charter vessel payments. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>d) Purchased methanol: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has marketing rights for 100% of the production from its jointly owned plants (the Atlas plant in Trinidad in which it has a 63.1% interest and the
plant in Egypt in which it has a 60% interest), which results in purchase commitments of an additional 1.2&nbsp;million tonnes per year of methanol offtake supply when these plants operate at capacity. At December&nbsp;31, 2012, the Company also had
commitments to purchase methanol under other contracts for approximately 0.5 million tonnes for 2013 and 2.6&nbsp;million tonnes thereafter. The pricing under these purchase commitments is referenced to pricing at the time of purchase or sale, and
accordingly, no amounts have been included above. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="1"></FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>74</B></FONT><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;Methanex&nbsp;Corporation&nbsp;|&nbsp;
Annual&nbsp;Report&nbsp;2012</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></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="1" COLOR="#5eea30">Notes to Consolidated Financial Statements </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#0054f9"><B>24. Related parties: </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">The Company has interests in significant subsidiaries and joint ventures as follows: </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="56%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">INTEREST %&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">NAME</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">COUNTRY&nbsp;OF<BR>INCORPORATION</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">PRINCIPAL&nbsp;ACTIVITIES</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">DEC&nbsp;31<BR>2012</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">DEC&nbsp;31<BR>2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Significant subsidiaries:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Asia Pacific Limited</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Hong Kong</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Marketing&nbsp;&amp;&nbsp;distribution</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Europe NV</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Belgium</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Marketing &amp; distribution</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Methanol Company, LLC</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>United&nbsp;States</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Marketing &amp; distribution</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egyptian Methanex Methanol Company S.A.E.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Egypt</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">60</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Chile S.A.</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Chile</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex New Zealand Limited</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>New Zealand</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex Trinidad (Titan) Unlimited</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trinidad</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Methanex U.S.A. LLC</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>United States</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&#150;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Waterfront Shipping Company Limited</B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Cayman&nbsp;Islands</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Shipping</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">100</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Significant joint ventures:</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:1.71em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Atlas Methanol Company Unlimited<SUP
STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Trinidad</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Production</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.1</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">%&nbsp;</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="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="1"><SUP STYLE="vertical-align:baseline; position:relative; bottom:.8ex"></SUP>Summarized financial information for the group&#146;s share of Atlas is disclosed in
note 7. </FONT></P></TD>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="1">Remuneration of non-management directors and senior management, which includes the members of the
executive leadership team, is as follows: </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="77%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD HEIGHT="20"></TD>
<TD HEIGHT="20" COLSPAN="4" BGCOLOR="#e5fcdd"></TD>
<TD HEIGHT="20" COLSPAN="4"></TD></TR>
<TR>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">FOR THE YEARS ENDED DECEMBER 31</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>2012</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">2011</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Short-term employee benefits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,223</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,808</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Post-employment benefits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>746</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">715</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Other long-term employee benefits</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>82</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">72</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Share-based compensation expense (recovery)</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>19,690</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">(3,328</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"> <P STYLE="margin-left:0.86em; text-indent:-0.86em"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Total</B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#e5fcdd" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>$</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>31,741</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" BGCOLOR="#e5fcdd"><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">8,267</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #4c4c4c"><FONT STYLE="font-family:ARIAL" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">

<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1">Notes to Consolidated Financial Statements</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:ARIAL" SIZE="1">Methanex&nbsp;Corporation&nbsp;|&nbsp;Annual&nbsp;Report&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family:ARIAL" SIZE="1" COLOR="#1c91ff"><B>75</B></FONT><FONT
STYLE="font-family:ARIAL" SIZE="1"></FONT></TD></TR></TABLE>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
