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0000950123-10-003863.txt : 201001210000950123-10-003863.hdr.sgml : 2010012120100120200252ACCESSION NUMBER:0000950123-10-003863CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:57CONFORMED PERIOD OF REPORT:20100120ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20100121DATE AS OF CHANGE:20100120

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:MERCER INTERNATIONAL INC.CENTRAL INDEX KEY:0001333274STANDARD INDUSTRIAL CLASSIFICATION:PULP MILLS [2611]IRS NUMBER:470956945STATE OF INCORPORATION:WAFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-51826FILM NUMBER:10537406

BUSINESS ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET 2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168BUSINESS PHONE:(206) 674-4639

MAIL ADDRESS:STREET 1:14900 INTERURBAN AVENUE SOUTHSTREET 2:SUITE 282CITY:SEATTLESTATE:WAZIP:98168

FORMER COMPANY:FORMER CONFORMED NAME:MERCER INTERNATIONAL REGCO INC.DATE OF NAME CHANGE:20050715

8-K1o58801e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January20, 2010

MERCER INTERNATIONAL INC.

(Exact name of Registrant as specified in its charter)

Washington
(State or other jurisdiction of incorporation or organization)

000-51826
(Commission File Number)

47-0956945
(I.R.S. Employer Identification No.)

Suite2840, 650 West Georgia Street, Vancouver, British Columbia, Canada V6B 4N8
(Address of Office)

(604)684-1099
(Registrants telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.2. below):

o Written communications pursuant to Rule425 under the Securities Act(17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under theExchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under theExchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

ITEM 7.01 REGULATION FD DISCLOSUREITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITSSIGNATURESEXHIBIT INDEX

ITEM 7.01 REGULATION FD DISCLOSURE

The information contained in this Current Report shall not be deemed to be filed for the purposesof Section18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject tothe liabilities of that section, nor shall it be incorporated by reference into a filing under theSecurities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specificreference in such a filing.

Attached as Exhibits99.1 and 99.2 are materials relating to Mercer International Inc.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

Exhibit No. Description

99.1 Presentation Materials relating to Mercer International Inc.

99.2 Presentation Materials relating to Mercer International Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

MERCER INTERNATIONAL INC.

/s/ David M. Gandossi

David M. Gandossi

Chief Financial Officer

Date: January20, 2010

MERCER INTERNATIONAL INC.

FORM 8-K

EXHIBIT INDEX

Exhibit Number Description

99.1 Presentation Materials relating to Mercer International Inc.

99.2 Presentation Materials relating to Mercer International Inc.

EX-99.12o58801exv99w1.htmEX-99.1

exv99w1

Exhibit 99.1

CIBC Whistler Conference

Discussion Materials

January 2010

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" forforward-looking statements. Certain information included in this presentationcontains statements that are forward-looking, such as statements relating toresults of operations and financial conditions and business developmentactivities, as well as capital spending and financing sources. Such forward-looking information involves important risks and uncertainties that couldsignificantly affect anticipated results in the future and, accordingly, such resultsmay differ materially from those expressed in any forward-looking statementsmade by or on behalf of Mercer. For more information regarding these risks anduncertainties, review Mercer's filings with the United States Securities andExchange Commission.

Forward Looking Statements

Introduction

Company Overview

Mercer is one of the largest northern bleached softwood kraft ("NBSK") market pulpproducers in the world

Produces pulp for sale on the open market to customers who manufacture awide range of premium paper and tissue-based products

Operates three world-class pulp mills with approximately 1.5 million air driedmetric tonnes ("ADMT") of total annual capacity

Operations are located in Germany and Canada to serve customers inEurope, North America and Asia

U.S. domiciled corporation listed on both the NASDAQ and the TSX

Headquartered in Vancouver, Canada

Mercer's pulp operations also produce a significant amount of surplus renewableelectricity which is sold to third parties

Mercer has grown its operations since 1993 through a mix of organic expansion,greenfield development and acquisition

Company employs approximately 1,500 people and had annual sales ofapproximately 720 million (US$1.0 billion) in 2008

Key Investment Highlights

Operates world-class, large, modern mills that produce high-quality NBSK pulpwhich is a premium grade of kraft pulp

Strategically located mills, with excellent fiber baskets, in close proximity to keyglobal markets

Strong, long-term forecast supply/demand outlook for NBSK

Significant and growing revenue from sale of excess renewable, carbon-neutralelectricity

Financial structure offers very high leverage to the pulp cycle

Experienced, shareholder-focused management team and board of directors

Overview of the Company

Mercer conducts operations through three subsidiaries; two in Germany andone in Canada

Mercer operates the only two NBSK pulp mills in Germany, Europe'slargest market for NBSK pulp, and one of the largest, most modern pulpmills in North America

Corporate Overview

Rosenthal

(Germany)

Celgar

(British Columbia)

Stendal (1)

(Germany)

74.9%

Restricted Group

100%

100%

(1) Mercer reports the Stendal mill separately from Rosenthal, Celgar and Mercer International Inc., (together the "Restricted Group") as the debt at Stendal is non-recourse to Mercer'sother operations

(2) Pro forma installation of second turbine in Q4 2010

495,000 ADMT

100 MW Capacity (2)

325,000 ADMT

57 MW Capacity

635,000 ADMT

102 MW Capacity

Mercer is the second largest NBSK market pulp producer in the world and thelargest publicly traded producer

NBSK Market Pulp Capacity By Producer

(1) In 2008, Stora permanently closed 550,000 tonnes of NBSK capacity. It is not clear how this volume is attributed to Stora's integrated and market pulp capacities

(2) In Q1-2009, Botnia permanently closed its 450,000 tonne Kaskinen pulp mill. It is not clear how much of this capacity is attributed to NBSK and how much is NBHK

Source: Public filings of individual companies

(1)

(2)

World Class Assets

Mercer operates world-class mills which are some of the largest and most modernin the world

Relative age and production capacity provide a competitive advantage

Note: Bubble sizes represent market and integrated pulp productions

Source: Jaakko Poyry

Low production costs

Low maintenance capital

requirements

High runability / efficiency

State-of-the-artenvironmental

compliance

All facilities are net energy

producers X axis Company Comment Botnia Size 1 Sodra Size 2 Mercer Size 3 Ilim Pulp Size 4 Weyerhaeuser Size 5 Canfor Size 6 UPM Size 7 West Fraser Size 8 Billerud Size 9 Tembec Size 10 Stora Enso Size 11 Domtar Size 12 Howe Sound Size 13 SCA Size 14 M-real Size 15 Heinzel Size 16 SFK Pulp Size 17 Clearwater Size 18 AbitibiBowater Size 19 International Paper Size 20 Dots for lines W.Avg Cap

30 Horisontal line 370 0 0 Horisontal line 370 0 20.1 Vertical Line 800 0 20.1 Vertical Line 0 0 Units 13.1 Botnia 531.1 1865 17.7 Sodra 407.1 1455 11 Mercer 504 1420 25.3 Ilim Pulp 549.9 995 19.6 Weyerhaeuser 333.9 980 26.6 Canfor 493.6 900 14.4 UPM 435.1 870 23.4 West Fraser 345.1 690 20.5 Billerud 241.6 645 23.7 Tembec 244.2 590 24 Stora Enso 295.1 525 21.4 Domtar 268 490 20.3 Howe Sound 435 435 12.7 SCA 420 420 27.5 M-real 380 380 13.5 Heinzel 375 375 28.3 SFK Pulp 375 375 25.9 Potlatch 365 365 25.9 AbitibiBowater 172.5 345 23.7 International Paper 124.6 335

Technical Age (Years)

Weighted AverageTechnical Age 20.1years

Weighted Average Mill Capacity (000 mt/a)

Weighted AverageCapacity 370,000 t/a

Q409

STRONG

Sodra

Weyerhaeuser

Tembec

SCA

W. Fraser

Ilim

Domtar

Mercer

Canfor Pulp

Botnia

UPM

Howe Sound

Heinzel

Billerud

IP

Stora Enso

Clearwater

AbitibiBowater

SFK

M-real

WEAK

Strategic Locations

Mercer's strategic locations in Germany and Western Canada position the companywell to serve customers in Europe, North America and Asia

In particular, China and Germany - the world's fastest growing pulp importmarket and largest pulp import market, in Europe, respectively

Celgar

(B.C., Canada)

495,000 ADMT

^

United

States

Stendal

(Germany)

635,000 ADMT

Rosenthal

(Germany)

325,000 ADMT

^

^

Indonesia

China

Thailand

Middle

East

Europe

Japan

Growing Electricity Revenues

The sale of electricity is a significantand growing part of Mercer'soperations

Mercer has been amongst the firstpaper and forest products companiesto embrace the "carbon economy"and has been an industry leader inharnessing significant value from itssurplus power generation

Mercer recognized the need tosecure a new revenue stream from itsfibre base, as the market placerealizes biomass has an energyequivalent value

Electricity Generation

Energy Revenue

Growing Electricity Revenues (cont'd)

Mercer successfully ensured itsGerman operations now receive"green" rates for surplus electricity

Became effective in 2009

Entered into long-term contracts tosell surplus energy from its Celgarmill, also at "green" rates

Installing a new 48 MW turbine tocapture this value

Mercer also continues to lobby forrecognition for its self-generatedpower potentially providing thecompany with further incrementalrevenue

2006

LTM Q3 2009

Current Industry Environment

The largest markets for pulp are Western Europe, North America and China

Demand growth in China and Eastern Europe is higher than the global average

Significant investments in paper making capacity in China will increase the need forsoftwood imports

China expected to account for 27% of global market pulp demand by 2020

Global Demand Growth

(1) Growth calculated from 3-year average 2005-07

Source: Jaakko Poyry;

(1)

Global Supply of Bleached Softwood Kraft

With the financial crisis and economic slowdown, global inventories of bleachedsoftwood kraft grew to 43 days in January 2009

With strong buying patterns, primarily from China, and reduced production, 'daysinventory' has fallen to an uncommonly low level of 20 days at the end ofNovember - the lowest level in nine years

Source: RISI and Pulp and Paper Products Council

NBSK Pulpstocks at European Ports

NBSK pulp inventories at European ports are at their lowest levels in over five years

Further evidence that inventory levels are low throughout the supply chain

Source: Europulp

Overview of Operations

Rosenthal Mill

Modern, efficient ISO 9002 certified NBSK pulpmill

Capacity of 325,000 ADMT per year

Converted to kraft pulp production in 1999

Efficient mill with strong cost position

One of the lowest delivered costs to Europe

Maintained strong conversion cost position,despite rising input costs

Achieved world class mill availability of 93.5%and record production volume in 2008

390,000 MWh of electricity generated in 2008

141,000 MWh of renewable energy was sold,generating revenues of 11.2 million (US$16.5million) in 2008

Location has strong lumber supply and is near acentral transportation hub, positioning the mill toservice important European markets

Stendal Mill

State-of-the-art, single-line NBSK pulp mill which isone of the newest and largest mills in the world

Capacity of 635,000 ADMT per year

Constructed by Mercer in 2004 for approximately1 billion

~75% Mercer owned

Economies of scale have allowed for very lowconversion costs

Maintained strong performance in non-fiberconversion costs, despite rising input costs

Annual non-fiber conversion costs were 97(US$143) per ADMT in 2008

692,000 MWh of electricity generated in 2008

279,000 MWh of renewable energy wasexported, generating revenues of 18.9 million(US$27.8 million) in 2008

Location has strong forest base and is wellpositioned to service European and off-shoremarkets

German Government Support for Renewable Energy

Since 2005 Mercer's German mills have benefited from the sale of emissionallowances under the European Union carbon emissions trading scheme

Beginning January 2009, Mercer's Rosenthal and Stendal mills also beganparticipating in a program established pursuant to Germany's 'Renewable EnergyResources Act'

This program requires that public electric utilities give priority to electricityproduced from renewable energy resources by independent power producers

Previously, this legislation was only applicable to installments with a capacity of 20MW or less, unintentionally excluding large producers like Mercer's Rosenthal andStendal mills

Now Mercer has access to the more lucrative green energy rates in the form of afixed 20-year tariff

Germany Green Electricity Environment

Mercer successfully lobbied for access to the preferential green tariff structure for itsGerman operations

As such, since January 1, 2009 the company has enjoyed far superior tariff ratesthan if it had it been forced to sell its surplus electricity on the spot market

Historically the spot price has been less than the lowest feed-in tariff Mercer iseligible to receive

Electricity Green Tariff Structure(1)

Daily Spot Price

Floor Price

(1) Feed-in tariff duration is 20 years (expires in 2025 for Stednal and 2021 for Rosenthal

Celgar Mill

Modern, efficient ISO 9001 certified NBSK pulpmill

Capacity of 495,000 ADMT per year

Continuous investment since the mill wascompletely rebuilt in 1993 for C$850 million

In 2007, became a net exporter of electricity

In 2009, completed C$10 million upgrade tothe mill's chipping facilities with a newwoodroom capable of supplying up to 50% ofthe mill's needs

Currently implementing the Green EnergyProject with the installation of a new 48 MWturbine which is expected to come online byQ4 2010

Excellent location with proximity to fiber basketand ability to service growing Asian and NorthAmerican markets

Celgar's Green Energy Project

The Green Energy Project consists of the installation of a new 48 MW turbine whichwill increase the production and revenues the mill generates from renewableelectricity

The project will turn Celgar into one of the largest biomass electricity generatingfacilities in Canada

Harnesses incremental steam, shifting Celgar into a consistent net exporter ofrenewable electricity

Lowers the mill's process steam requirements and simultaneously increases theamount of steam generated

In January 2009, Mercer finalized an energypurchase agreement with BC Hydro

Entered into a long-term 10-year contractwith BC Hydro (rated 'AA' by S&P) whereCelgar will deliver minimum ofapproximately 238,000 MWh of renewableelectricity annually to the grid

Expected to provide incremental C$20 - $25million EBITDA per year

The project is expect to be operational by Q42010

Canadian Government Support for Renewable Energy

In October 2009, Celgar was awarded approximately C$58 million from theCanadian government under the Pulp and Paper Green Transformation Program

Up to C$40 million of Celgar's credits will be used to finance Celgar's GreenEnergy Project

The remaining C$18 million will be invested in other accretive eligible projectsplanned to have short payback periods

Financial Review

Operating Performance

Celgar Pulp Production

Total Pulp Production

Rosenthal Pulp Production

Stendal Pulp Production

Notes: Celgar acquisition closed in February 2005, Stendal start up was September 2004, production includes pulp produced from those dates

Steady Decreases in Non-Fiber Conversion Costs

Since 2005, Mercer has managed to reduce non-fiber conversion costs -despite escalating input costs - through strategic capital investment andoperational best practices

Financial Performance

EBITDA margins compressed in 2008 and through 2009 given the rapidweakening of the US dollar and increased fibre costs due to reduced sawmilling activity

In recent quarters, margins are beginning to strengthen given pulp priceincreases and new fibre contracts that have eased fibre costs

EBITDA & Margin

Uncontrollable Costs

Quarterly EBITDA & Margin

Mercer Performance Focus

Continuous improvement initiatives

EBITDA 30+

A program created to focus the workforce on the goal of increasing EBITDAmargins

The program identifies and implements improvement opportunities designed toenable the mills to reach minimum 30% EBITDA margins

Key areas include:

Production increases

By-product development and sales

Raw material procurement and logistics

Mill conversion efficiencies

Fixed cost reduction

Logistics

Sales optimization

Mercer has a well-diversified and stable sales mix

Sizeable leverage to European markets in particular Germany - world'slargest NBSK market

Significant exposure to China - the world's fastest growing pulp market

Growing exposure to tissue / hygiene end uses which have a higher growth ratefor NBSK than printing and writing papers

Segmented Sales

Europe, 57%

2008 Sales by End-Use

2008 Sales by Geography

Recent Financial Initiatives

In response to the financial crisis and economic downturn, management implementedseveral initiatives to strengthen the company's liquidity and financial flexibility

? Reduced working capital from 110 million in Q1 2009 to 80 in Q2 2009

? Initiated discussions with lenders for both revolving credit facilities

CIT Canada has renewed the C$40 million Celgar facility through to May 2013

Unicredit has renewed the 25 million Rosenthal credit facility through toDecember 2012

? Restructured the Stendal loan facility

Deferred 164 million of principal payments until maturity in 2017, including

payments in 2009, 2010 and 2011

Cash sweep requirement and equity contribution requirements

Revision of the debt service coverage and leverage ratio requirements

Obtained a waiver of permitted leverage ratio for the year ended December 31,2009

? Completed a private exchange for ^ of outstanding October 2010 convertiblenotes, extending terms to January 2012 Revision of the debt service coverage andleverage ratio requirements

In December 2009, commenced public exchange offer for up to US$24 millionof outstanding October 2010 convertible notes

The German government provided Mercer with approximately 375 million ingrants for the construction of the Rosenthal and Stendal mills

The grants were credited against fixed assets and translated into 375million in equity or debt that the company did not have to raise

As the project debt at Stendal is non-recourse to Mercer's other operations,Mercer reports the Stendal mill separately from Rosenthal, Celgar and MercerInternational Inc. (together the "Restricted Group")

Government Grants & Corporate Structure

Rosenthal

(Germany)

Celgar

(British Columbia)

Stendal

(Germany)

74.9%

US$310 million senior secured notes due February 2013

US$24 million convertible notes due October 2010

US$43 million convertible notes due January 2012

515 million term loan dueSeptember 2017

Loan is 80% guaranteed bythe German government

Restricted Group

100%

100%

Balance Sheet

Current Liquidity Position

Restricted Group Restricted Group Restricted Group (mm) Q3 2009 Comments Cash 51.3 Includes no restricted cash amounts Undrawn Celgar Revolver - Drawn by C$22 million; additional draws subject to borrowing base limits; renewed in Q4 2009 Undrawn Rosenthal Revolver 25.0 Undrawn; matures December 2012 76.3 Less: Cash at Stendal (26.0) Restricted Group cash excludes cash held at Stendal Restricted Group Liquidity 50.3

Investment Highlights

Key Investment Highlights

Operates world-class, large, modern mills that produce high-quality NBSK pulpwhich is a premium grade of kraft pulp

Strategically located mills, with excellent fiber baskets, in close proximity to keyglobal markets

Strong, long-term forecast supply/demand outlook for NBSK

Significant and growing revenue from sale of excess renewable, carbon-neutralelectricity

Financial structure offers very high leverage to the pulp cycle

Experienced, shareholder-focused management team and board of directors

Appendix

Significant downturn in demand and pulp pricing in late 2008 has led to marketrelated downtime of approximately 1.6 million ADMT in 2009

Source: TerraChoice Market Services Inc.

Note: The list is not exhaustive as a growing number of companies have policies of not reporting downtime information Company Location Closure - Quarter Pulp Type Total Idled Volume(000 ADMT) Canfor Pulp Prince George, BC Q4-2009 NBSK 15 Rottneros Vallvik, Sweden Q3-2009 NBSK, UKP 12 AbitibiBowater Fort Frances, ON Q3-2009 NBSK 2 Botnia Rauma, Finland Q3-2009 NBSK 56 Mercer International Stendal, Germany Q3-2009 NBSK 20 SFK Pulp Fund Saint Felicien, Quebec Q3-2009 NBSK 10 Alpac Boyle, Alberta Q2-2009 NBSK, BHK 28 Botnia Finnish Mills Q2-2009 NBSK 86 Canfor Pulp Howe Sound, BC Q2-2009 NBSK 30 Canfor Pulp Prince George, BC Q2-2009 NBSK 7 Domtar Dryden, Ontario Q2-2009 NBSK 85 Sodra Monsteras, Sweden Q2-2009 NBSK, BHK 40 Stora Enso Sunila, Finland Q2-2009 NBSK 240 Stora Enso Uimaharju (Enocell), Finland Q2-2009 NBSK 238 AbitibiBowater Fort Frances, ON Q1-2009 NBSK 4 AbitibiBowater Thunder Bay, ON Q1-2009 NBSK, BHK 35 Botnia Finnish Mills Q1-2009 NBSK 116 Botnia Joutseno, Finland Q1-2009 NBSK 36 Catalyst Paper Crofton, BC Q1-2009 NBSK 231 Domtar All mills Q1-2009 NBSK, BHK 75 Evergreen Packaging Group Canton, North Carolina, US Q1-2009 NBSK, BHK 9 Mercer International Castlegar, BC Q1-2009 NBSK 10 Northern Pulp Nova Scotia Pictou, Nova Scotia Q1-2009 NBSK, BHK 4 SFK Pulp Fund Saint Felicien, Quebec Q1-2009 NBSK 70 Sodra Tofte, Norway Q1-2009 NBSK 84 Tembec Inc. Skookumchuck, BC Q1-2009 NBSK 40 Tembec Inc. Tarascon, France Q1-2009 NBSK 46 Total Temporary Closures: Total Temporary Closures: 1,629

Market-Related NBSK Capacity Downtime

Approximately 2.0 million tonnes of NBSK market pulp capacity has permanentlyshut down

Represents approximately 15% of total global NBSK pulp capacity(1)

Permanent NBSK Capacity Reductions Company Location Closure - Quarter Pulp Type Total Closed Volume(000 ADMT) Buchanan Forest Products Ltd. Terrace Bay, ON Q1-2009 NBSK 350 Marathon Pulp (Tembec Inc.) Marathon, ON Q1-2009 NBSK 192 Boise Cascade St. Helens, Oregon Q1-2009 NBSK, BHK 276 Botnia Kaskinen, Finland Q1-2009 NBSK, BHK 444 Domtar Lebel-sur-Quevillon, QC Q4-2008 NBSK 300 Lee & Man (EverGreen Pulp) Samoa, California Q4-2008 NBSK 192 Stora Enso Norrsundet, Sweden Q4-2008 NBSK 300 UPM Tervasaari, Finland Q4-2008 NBSK, UKP 204 Total Permanent Closures: Total Permanent Closures: 2,258

Permanent Closures

(1) Based on the estimated 2008 global annual NBSK capacity of 14,195,000 ADMT (PPPC Supply and Demand - Market Pulp, October 2008)

Source: TerraChoice Market Services Inc.

British Columbia Fiber Profile

Celgar proximal fiber-basket unimpacted bythe mountain pine beetle

This will be acompetitiveadvantage in themedium term

Recently entered into anew long-term fiberagreement with large-scale lumber producer

Vancouver

Seattle

Kamloops

Calgary

Cranbrook

Castlegar

British Columbia

Alberta

Montana

Idaho

Washington

Oregon

Columbia

River

Columbia

River

Mercer's purchasing power has enabled the company to enter into contracts andarrangements which have provided them with a competitive fiber supply

There are over 40 sawmills in the Celgar fiber basket

25% of supply is sourced from Washington / Idaho

German Fiber Profile

There is a significant amount of high-quality fiber within a close radius of each ofMercer's German mills

High quality, well-managed fiber supply

Sustainable forest supply exceeds German harvest rates

Large number of world class sawmills

Diversified supply over a large geographic region

Large installed whole log chipping capacity utilized opportunistically and as needed

Pricing currently moving lower

Long-Term Debt Profile

(mm) Pro Forma Q3 2009 Maturity Stendal Loan Facility 514.6 September 2017 Senior Notes 211.9 February 2013 Subordinated Convertible Notes 16.4 October 2010 Subordinated Convertible Notes 29.5 January 2012 Celgar Revolver (C$40mm) 14.0 May 2013 Rosenthal Revolver (25mm) - December 2012 Loan for Rosenthal Wash Press 1.9 2014 Less: Current Portion (28.5) Total Long-Term Debt(1) 759.9

(1) Excluding Stendal shareholder loans

EX-99.23o58801exv99w2.htmEX-99.2

exv99w2

Exhibit 99.2

CIBC Whistler Conference A Brief Introduction to Mercer January2010

for Forward Looking Statements The Private Securities Litigation ReformAct of 1995 provides a safe harbor forward-looking statements. Certain information included inthis presentation contains statements that are forward-looking, such as statements relating toresults of operations and financial conditions and business development activities, as well ascapital spending and financing sources. Such forward- looking information involves important risksand uncertainties that could significantly affect anticipated results in the future and,accordingly, such results may differ materially from those expressed in any forward-lookingstatements made by or on behalf of Mercer. For more information regarding these risks anduncertainties, review Mercers filings with the United States Securities and Exchange Commission.2

Company Overview of capacity market pulp producer in the (2) (1)Operates three pulp mills with 1.46million ADMT Mercer is the largest publicly traded NBSK worldRosenthal (3) Stendal Celgar ___NBSK = northern bleached softwoodkraft ADMT = air dried metric tonnes Stendal is a 74.9% owned facility (1) (2) (3)3

Our Strategy & Purpose Mercers core purpose is providing fiber, renewableenergy and chemicals from sustainable sources, for essential human needs Premium grade kraftpulp that generally obtains the highest price Target profitability in all market conditions Limitongoing capital requirements Focus on NBSK market pulp Operate modern, world-class NBSK pulpproduction facilities 4

Focus on continuous improvement Organically and through acquisitions Short-termfocus on sustainability of business Improve efficiency and reduce production costs Focus on energyproduction Grow assets and earnings NBSK Market Pulp Capacity By Producer producerpulp market NBSK traded publicly largest the is Mercer capacity, world the By in In 2008,Stora permanently closed 550,000 tonnes of NBSK capacity, it is not clear how this volume isattributed to Storas integrated and market pulp capacities In Q1-2009, Botnia will permanentlyclose its 450,000 tonne Kaskinen pulp mill. It is not clear how much of this capacity is attributedto NBSK and how much is NBHK (1) (2) Source: Public filings of individual companies5

World ClassAssets Mercer versus other top 20 NBSK producers as of Q4 2007(includes integrated capacity) runability high requirements, capital compliance low environmental facilities producers net modern Large, State-of-the-art Energy 1,000mt/aCapacity, Mill Weighted Average Capacity 380,000 t/a Note: Bubble sizes representmarket and integrated pulp productions Source: Pyry Forest Industry Consulting 6

Rosenthal World ClassAssets 1999 to Europe position, to in 160,000cost position costs generating from production cost delivered conversion costs pulp increasedstrong input bioenergy kraft with lowest strong to has ADMTs rising installed mill the of ofCapacity 325,000 One Maintained despite MW Converted Efficient 57 In 2009, generatedapproximately 373,000 MWh of green renewable electricity, with roughly 143,000 MWh exported In2008, generated 390,000 MWh of green renewable electricity, with 141,000 MWh in exports in 2008capacity near the is and positioning markets supply European lumber hub, strongtransportation important has service central to Location a mill

Stendal World ClassAssets the in mills NBSK largest and newest theof Oneworld project per year 1billion greenfield ADMTs 75% Mercer ownedcompleted in 2004 Capacityof 635,000 capacity of2008 lower MWhin for generating MWh allowed 712,000692,000haveRosenthal bioenergy and than 2009 scale approximately in ofcosts installed of MWGeneratedbioenergy Economiesconversion 102 Exported approximately 300,000 MWh ofbioenergy in 2009 and 279,000 MWh in 2008 positioned well ismarkets and baseoff-shoreforestand strongEuropean has Locationservice to

Celgar World ClassAssets project electricity MWh year Bioenergy percapital delivering production of Energy 238,000 of sell recent an ADMT Goose tonne exporter totheir mill Blue expectations, per net efficient 495,000 a completed Agreement under of 2007 savingsbecame Hydro Power and exceeded for BC Capacity Mercers has greater 2007, SuccessfullyPurchase to Call Modern In Upon completion of the Celgar Green Energy Project inH2-2010, Celgar will have an installed bioenergy generating capacity of 100 MW of 2008MWh in fiber Asian 360,000 MWh to growing 374,000 proximity service Markets and with toapproximately 2009 ability in location American Generated and North bioenergy Excellent basket and

Mercer Export of Electricity Mercer Electricity Generation and Surplus Electricity(MWh) per Year Electricity Total With Celgar Green Energy Project 1.43million tonnes PulpProduction 1.40million tonnes Pulp Production 1.30million tonnes Pulp Production

Mercer Green Electricity Profile mills all Black in three beor stage (to biofuels, all (mostly heat last at Celgar from into sale thein pulp biomass capacity MW for 52 generated produce convertedrepresents from and is to is exported mill generation be extracted to pulp Rosenthalproduction processed employed or a in in value 2010) is fuel MWthe in energy that Bio-Electricity 57 internally MW our woodbiomass used bioenergy Stendal, 100 of of maximize installed to the the be toin 95% from of to has MW expanded than 80% generation process 102 Mercer More derived Liquor) Over electricity, The the for the production ofpulp and specialty from the other components of the tree which Value extraction starts withharvesting the highest value trees for lumber production and the rest for pulp production At a pulpmill, value extraction from the lower quality trees starts by separating the cellulose such astall oil biochemicals are converted into green electricity 11

that produces both pulp and excess 12 pulp mill is a large scalebiorefinery A modern kraft green energy. These mills have the necessary expertise, infrastructureand potential to be future large scale producers of biomass based transportation fuels andspecialty chemicals

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