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<br /> PRESIDENT’S REPORT<br /> Mercer International is one of the<br /> world’s largest producers of North-<br /> ern Bleached Softwood Kraft (NBSK)<br /> market pulp, serving customers<br /> primarily in Europe, Asia and North<br /> America. Mercer operates two<br /> large-scale modern pulp mills in<br /> Germany: the 75%-owned Stendal<br /> mill near the town of Stendal, and<br /> the 100%-owned Rosenthal mill<br /> near Blankenstein. These mills are<br /> the only NBSK pulp mills in Ger-<br /> many, Europe’s largest market for<br /> NBSK pulp. Mercer also owns and<br /> operates the Celgar NBSK pulp mill<br /> near Castlegar, British Columbia,<br /> Canada, one of the largest and most<br /> modern kraft pulp mills in North<br /> America. Mercer’s shares trade on<br /> the NASDAQ Global Market (symbol:<br /> MERC) and on the Toronto Stock<br /> Exchange (symbol: MRI.U).<br /> Our 2012 results reflect generally weak NBSK prices due to contin-<br /> ued econom<a title="MERC-20130422-AR-DAS page 1" href="http://viewer.zmags.com/publication/3bfda328?page=1"> PRESIDENT’S REPORT</a> <a title="MERC-20130422-AR-DAS page 2" href="http://viewer.zmags.com/publication/3bfda328?page=2"> Mercer International is one of the world’s larges</a> <a title="MERC-20130422-AR-DAS page 3" href="http://viewer.zmags.com/publication/3bfda328?page=3"> Our 2012 results reflect generally weak NBSK pric</a> <a title="MERC-20130422-AR-DAS page 4" href="http://viewer.zmags.com/publication/3bfda328?page=4"> Dear Fellow Shareholders; I am generally proud o</a> <a title="MERC-20130422-AR-DAS page 5" href="http://viewer.zmags.com/publication/3bfda328?page=5"> On completion of the Blue Mill Project project at</a> <a title="MERC-20130422-AR-DAS page 6" href="http://viewer.zmags.com/publication/3bfda328?page=6"> Market Overview Our pulp marketing strategy rema</a> <a title="MERC-20130422-AR-DAS page 7" href="http://viewer.zmags.com/publication/3bfda328?page=7"> MEDIUM SCENARIO MARKET WOOD PULP DEMAND – LONG-TE</a> <a title="MERC-20130422-AR-DAS page 8" href="http://viewer.zmags.com/publication/3bfda328?page=8"> 6 7</a> <a title="MERC-20130422-AR-DAS page 9" href="http://viewer.zmags.com/publication/3bfda328?page=9"> Price Movements 2012 was a frustrating year from</a> <a title="MERC-20130422-AR-DAS page 10" href="http://viewer.zmags.com/publication/3bfda328?page=10"> Financial Performance Although prices were gener</a> <a title="MERC-20130422-AR-DAS page 11" href="http://viewer.zmags.com/publication/3bfda328?page=11"> REVENUES Millions of Euros E1,000 E900 E800 E70</a> <a title="MERC-20130422-AR-DAS page 12" href="http://viewer.zmags.com/publication/3bfda328?page=12"> STENDAL Product: Bleached kraft pulp Rated capaci</a> <a title="MERC-20130422-AR-DAS page 13" href="http://viewer.zmags.com/publication/3bfda328?page=13"> Sales by Area Geographic distribution of pulp rev</a> <a title="MERC-20130422-AR-DAS page 14" href="http://viewer.zmags.com/publication/3bfda328?page=14"> Financial Flexibility and Liquidity Overall we h</a> <a title="MERC-20130422-AR-DAS page 15" href="http://viewer.zmags.com/publication/3bfda328?page=15"> 12 13 Our liquidity</a> <a title="MERC-20130422-AR-DAS page 16" href="http://viewer.zmags.com/publication/3bfda328?page=16"> Environmentally Aware World The world is becomin</a> <a title="MERC-20130422-AR-DAS page 17" href="http://viewer.zmags.com/publication/3bfda328?page=17"> able to extract from our renewable forest resourc</a> <a title="MERC-20130422-AR-DAS page 18" href="http://viewer.zmags.com/publication/3bfda328?page=18"> </a> <a title="MERC-20130422-AR-DAS page 19" href="http://viewer.zmags.com/publication/3bfda328?page=19"> 16 17 Fiber costs a</a> <a title="MERC-20130422-AR-DAS page 20" href="http://viewer.zmags.com/publication/3bfda328?page=20"> Safety and Environment We remain focused on both</a> <a title="MERC-20130422-AR-DAS page 21" href="http://viewer.zmags.com/publication/3bfda328?page=21"> </a> <a title="MERC-20130422-AR-DAS page 22" href="http://viewer.zmags.com/publication/3bfda328?page=22"> Looking Forward to 2013 At the moment there seem</a> <a title="MERC-20130422-AR-DAS page 23" href="http://viewer.zmags.com/publication/3bfda328?page=23"> </a> <a title="MERC-20130422-AR-DAS page 24" href="http://viewer.zmags.com/publication/3bfda328?page=24"> Dear Fellow Shareholders; Your Board had another</a> <a title="MERC-20130422-AR-DAS page 25" href="http://viewer.zmags.com/publication/3bfda328?page=25"> Shareholder Information MARKET INFORMATION Our s</a> <a title="MERC-20130422-AR-DAS page 26" href="http://viewer.zmags.com/publication/3bfda328?page=26"> Corporate Information Board of Directors, Execu</a> <a title="MERC-20130422-AR-DAS page 27" href="http://viewer.zmags.com/publication/3bfda328?page=27"> FORM 10-K</a> <a title="MERC-20130422-AR-DAS page 28" href="http://viewer.zmags.com/publication/3bfda328?page=28"> UNITED STATES SECU</a> <a title="MERC-20130422-AR-DAS page 29" href="http://viewer.zmags.com/publication/3bfda328?page=29"> TABLE OF CONTENTS PART I . . . . . . . . . . </a> <a title="MERC-20130422-AR-DAS page 30" href="http://viewer.zmags.com/publication/3bfda328?page=30"> ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSUR</a> <a title="MERC-20130422-AR-DAS page 31" href="http://viewer.zmags.com/publication/3bfda328?page=31"> EXCHANGE RATES Our reporting currency a</a> <a title="MERC-20130422-AR-DAS page 32" href="http://viewer.zmags.com/publication/3bfda328?page=32"> PART I ITEM 1. BUSINESS In this document, ple</a> <a title="MERC-20130422-AR-DAS page 33" href="http://viewer.zmags.com/publication/3bfda328?page=33"> Organizational Chart The following chart </a> <a title="MERC-20130422-AR-DAS page 34" href="http://viewer.zmags.com/publication/3bfda328?page=34"> initially produce an additional 109,000 MWh of su</a> <a title="MERC-20130422-AR-DAS page 35" href="http://viewer.zmags.com/publication/3bfda328?page=35"> · Advantageous Capital Investments and Fin</a> <a title="MERC-20130422-AR-DAS page 36" href="http://viewer.zmags.com/publication/3bfda328?page=36"> · NBSK Market Pulp. We produce NBSK pulp becau</a> <a title="MERC-20130422-AR-DAS page 37" href="http://viewer.zmags.com/publication/3bfda328?page=37"> Kraft pulp can be made in different grades,</a> <a title="MERC-20130422-AR-DAS page 38" href="http://viewer.zmags.com/publication/3bfda328?page=38"> The following chart sets forth industry-wide blea</a> <a title="MERC-20130422-AR-DAS page 39" href="http://viewer.zmags.com/publication/3bfda328?page=39"> A measure of demand for kraft pulp is th</a> <a title="MERC-20130422-AR-DAS page 40" href="http://viewer.zmags.com/publication/3bfda328?page=40"> The following chart sets out the changes i</a> <a title="MERC-20130422-AR-DAS page 41" href="http://viewer.zmags.com/publication/3bfda328?page=41"> The majority of market NBSK pulp is produce</a> <a title="MERC-20130422-AR-DAS page 42" href="http://viewer.zmags.com/publication/3bfda328?page=42"> The Manufacturing Process The following diagram </a> <a title="MERC-20130422-AR-DAS page 43" href="http://viewer.zmags.com/publication/3bfda328?page=43"> The heat produced by the recovery boiler</a> <a title="MERC-20130422-AR-DAS page 44" href="http://viewer.zmags.com/publication/3bfda328?page=44"> is bleached to a high brightness using oxygen, oz</a> <a title="MERC-20130422-AR-DAS page 45" href="http://viewer.zmags.com/publication/3bfda328?page=45"> · two pulp machines, which each include a drye</a> <a title="MERC-20130422-AR-DAS page 46" href="http://viewer.zmags.com/publication/3bfda328?page=46"> The following chart sets forth our consolidated r</a> <a title="MERC-20130422-AR-DAS page 47" href="http://viewer.zmags.com/publication/3bfda328?page=47"> Power Authority, referred to as “B.C. Hydro”, for</a> <a title="MERC-20130422-AR-DAS page 48" href="http://viewer.zmags.com/publication/3bfda328?page=48"> We believe we are the largest consumer of</a> <a title="MERC-20130422-AR-DAS page 49" href="http://viewer.zmags.com/publication/3bfda328?page=49"> of the longer-term contracts is a so-called “ever</a> <a title="MERC-20130422-AR-DAS page 50" href="http://viewer.zmags.com/publication/3bfda328?page=50"> Sales, Marketing and Distribution Our pulp reven</a> <a title="MERC-20130422-AR-DAS page 51" href="http://viewer.zmags.com/publication/3bfda328?page=51"> seek to establish long-term relationships by prov</a> <a title="MERC-20130422-AR-DAS page 52" href="http://viewer.zmags.com/publication/3bfda328?page=52"> Total capital expenditures at our mills are set o</a> <a title="MERC-20130422-AR-DAS page 53" href="http://viewer.zmags.com/publication/3bfda328?page=53"> The following table sets out for the perio</a> <a title="MERC-20130422-AR-DAS page 54" href="http://viewer.zmags.com/publication/3bfda328?page=54"> We believe we have obtained all required env</a> <a title="MERC-20130422-AR-DAS page 55" href="http://viewer.zmags.com/publication/3bfda328?page=55"> So far, the potential and/or perceived ef</a> <a title="MERC-20130422-AR-DAS page 56" href="http://viewer.zmags.com/publication/3bfda328?page=56"> Other potential negative consequences from climat</a> <a title="MERC-20130422-AR-DAS page 57" href="http://viewer.zmags.com/publication/3bfda328?page=57"> Senior Notes In November 2010, we issue</a> <a title="MERC-20130422-AR-DAS page 58" href="http://viewer.zmags.com/publication/3bfda328?page=58"> In February 2009, we completed an agreeme</a> <a title="MERC-20130422-AR-DAS page 59" href="http://viewer.zmags.com/publication/3bfda328?page=59"> and the lenders in order to finance the sharehold</a> <a title="MERC-20130422-AR-DAS page 60" href="http://viewer.zmags.com/publication/3bfda328?page=60"> designated base rate plus 2.0% per annum for U.S.</a> <a title="MERC-20130422-AR-DAS page 61" href="http://viewer.zmags.com/publication/3bfda328?page=61"> · we are subject to extensive environmental re</a> <a title="MERC-20130422-AR-DAS page 62" href="http://viewer.zmags.com/publication/3bfda328?page=62"> Our business is highly cyclical in nature. </a> <a title="MERC-20130422-AR-DAS page 63" href="http://viewer.zmags.com/publication/3bfda328?page=63"> · our leveraged capital structure may place us</a> <a title="MERC-20130422-AR-DAS page 64" href="http://viewer.zmags.com/publication/3bfda328?page=64"> Similarly, North American sawmill activit</a> <a title="MERC-20130422-AR-DAS page 65" href="http://viewer.zmags.com/publication/3bfda328?page=65"> In 2002, Stendal entered into variable-to</a> <a title="MERC-20130422-AR-DAS page 66" href="http://viewer.zmags.com/publication/3bfda328?page=66"> We are subject to liability for environmenta</a> <a title="MERC-20130422-AR-DAS page 67" href="http://viewer.zmags.com/publication/3bfda328?page=67"> · lower harvest levels decreasing the supply o</a> <a title="MERC-20130422-AR-DAS page 68" href="http://viewer.zmags.com/publication/3bfda328?page=68"> In addition, geographic and other expans</a> <a title="MERC-20130422-AR-DAS page 69" href="http://viewer.zmags.com/publication/3bfda328?page=69"> · reducing operating costs; · identifying </a> <a title="MERC-20130422-AR-DAS page 70" href="http://viewer.zmags.com/publication/3bfda328?page=70"> disasters, could create economic and financial di</a> <a title="MERC-20130422-AR-DAS page 71" href="http://viewer.zmags.com/publication/3bfda328?page=71"> ITEM 2. PROPERTIES We own the Rosenthal a</a> <a title="MERC-20130422-AR-DAS page 72" href="http://viewer.zmags.com/publication/3bfda328?page=72"> unchanged. Our NAFTA Claim is being instituted un</a> <a title="MERC-20130422-AR-DAS page 73" href="http://viewer.zmags.com/publication/3bfda328?page=73"> PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON</a> <a title="MERC-20130422-AR-DAS page 74" href="http://viewer.zmags.com/publication/3bfda328?page=74"> objectives over a performance period tha</a> <a title="MERC-20130422-AR-DAS page 75" href="http://viewer.zmags.com/publication/3bfda328?page=75"> ITEM 6. SELECTED FINANCIAL DATA The follo</a> <a title="MERC-20130422-AR-DAS page 76" href="http://viewer.zmags.com/publication/3bfda328?page=76"> ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF</a> <a title="MERC-20130422-AR-DAS page 77" href="http://viewer.zmags.com/publication/3bfda328?page=77"> Our production costs are influenced by th</a> <a title="MERC-20130422-AR-DAS page 78" href="http://viewer.zmags.com/publication/3bfda328?page=78"> · Continued to improve mill operations and eff</a> <a title="MERC-20130422-AR-DAS page 79" href="http://viewer.zmags.com/publication/3bfda328?page=79"> (2) Average realized pulp price for the periods</a> <a title="MERC-20130422-AR-DAS page 80" href="http://viewer.zmags.com/publication/3bfda328?page=80"> Operating depreciation and amortization inc</a> <a title="MERC-20130422-AR-DAS page 81" href="http://viewer.zmags.com/publication/3bfda328?page=81"> Operating EBITDA does not reflect the impact</a> <a title="MERC-20130422-AR-DAS page 82" href="http://viewer.zmags.com/publication/3bfda328?page=82"> and $890 (€686) and $670 (€516) per ADMT in North</a> <a title="MERC-20130422-AR-DAS page 83" href="http://viewer.zmags.com/publication/3bfda328?page=83"> In 2011, we reported net income attributab</a> <a title="MERC-20130422-AR-DAS page 84" href="http://viewer.zmags.com/publication/3bfda328?page=84"> Liquidity and Capital Resources Summary of Cash </a> <a title="MERC-20130422-AR-DAS page 85" href="http://viewer.zmags.com/publication/3bfda328?page=85"> €14.2 million in government grants. In 2010, fina</a> <a title="MERC-20130422-AR-DAS page 86" href="http://viewer.zmags.com/publication/3bfda328?page=86"> Debt and Debt Covenants We had the following amo</a> <a title="MERC-20130422-AR-DAS page 87" href="http://viewer.zmags.com/publication/3bfda328?page=87"> Contractual Obligations and Commitments The foll</a> <a title="MERC-20130422-AR-DAS page 88" href="http://viewer.zmags.com/publication/3bfda328?page=88"> In the year ended December 31, 2012, we r</a> <a title="MERC-20130422-AR-DAS page 89" href="http://viewer.zmags.com/publication/3bfda328?page=89"> (2) Average realized pulp price for the periods</a> <a title="MERC-20130422-AR-DAS page 90" href="http://viewer.zmags.com/publication/3bfda328?page=90"> In 2012, the Restricted Group reported ope</a> <a title="MERC-20130422-AR-DAS page 91" href="http://viewer.zmags.com/publication/3bfda328?page=91"> Pulp prices were higher in 2011 than in 201</a> <a title="MERC-20130422-AR-DAS page 92" href="http://viewer.zmags.com/publication/3bfda328?page=92"> The following table provides a reconcili</a> <a title="MERC-20130422-AR-DAS page 93" href="http://viewer.zmags.com/publication/3bfda328?page=93"> Balance Sheet Data of the Restricted Group The f</a> <a title="MERC-20130422-AR-DAS page 94" href="http://viewer.zmags.com/publication/3bfda328?page=94"> During the second quarter of 2011, we wer</a> <a title="MERC-20130422-AR-DAS page 95" href="http://viewer.zmags.com/publication/3bfda328?page=95"> judgments. In addition, the time periods for esti</a> <a title="MERC-20130422-AR-DAS page 96" href="http://viewer.zmags.com/publication/3bfda328?page=96"> Government Grants. We record investment g</a> <a title="MERC-20130422-AR-DAS page 97" href="http://viewer.zmags.com/publication/3bfda328?page=97"> Cautionary Statement Regarding Forward-Looking In</a> <a title="MERC-20130422-AR-DAS page 98" href="http://viewer.zmags.com/publication/3bfda328?page=98"> ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE</a> <a title="MERC-20130422-AR-DAS page 99" href="http://viewer.zmags.com/publication/3bfda328?page=99"> We occasionally use foreign exchange deriv</a> <a title="MERC-20130422-AR-DAS page 100" href="http://viewer.zmags.com/publication/3bfda328?page=100"> principal amount of the long-term indebtedn</a> <a title="MERC-20130422-AR-DAS page 101" href="http://viewer.zmags.com/publication/3bfda328?page=101"> Foreign Currency Exchange Rate Risk Our</a> <a title="MERC-20130422-AR-DAS page 102" href="http://viewer.zmags.com/publication/3bfda328?page=102"> and 15d-15(e) under the Exchange Act), as of the </a> <a title="MERC-20130422-AR-DAS page 103" href="http://viewer.zmags.com/publication/3bfda328?page=103"> PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICER</a> <a title="MERC-20130422-AR-DAS page 104" href="http://viewer.zmags.com/publication/3bfda328?page=104"> Keith Purchase, age 68, has been a directo</a> <a title="MERC-20130422-AR-DAS page 105" href="http://viewer.zmags.com/publication/3bfda328?page=105"> Domtar Inc., a global pulp and paper corporation,</a> <a title="MERC-20130422-AR-DAS page 106" href="http://viewer.zmags.com/publication/3bfda328?page=106"> auditing matters. A person wishing to notify us o</a> <a title="MERC-20130422-AR-DAS page 107" href="http://viewer.zmags.com/publication/3bfda328?page=107"> process and ensuring that the Board is appropriat</a> <a title="MERC-20130422-AR-DAS page 108" href="http://viewer.zmags.com/publication/3bfda328?page=108"> The Audit Committee has not adopted any spe</a> <a title="MERC-20130422-AR-DAS page 109" href="http://viewer.zmags.com/publication/3bfda328?page=109"> PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT</a> <a title="MERC-20130422-AR-DAS page 110" href="http://viewer.zmags.com/publication/3bfda328?page=110"> 10.8 Employment Agreement effective as o</a> <a title="MERC-20130422-AR-DAS page 111" href="http://viewer.zmags.com/publication/3bfda328?page=111"> 21 List of Subsidiaries of Registrant</a> <a title="MERC-20130422-AR-DAS page 112" href="http://viewer.zmags.com/publication/3bfda328?page=112"> February 15, 2013 Report of Independent Register</a> <a title="MERC-20130422-AR-DAS page 113" href="http://viewer.zmags.com/publication/3bfda328?page=113"> In our opinion, the consolidated financial statem</a> <a title="MERC-20130422-AR-DAS page 114" href="http://viewer.zmags.com/publication/3bfda328?page=114"> MERCER INTERNATIONAL INC. CONSOLIDATED BALANC</a> <a title="MERC-20130422-AR-DAS page 115" href="http://viewer.zmags.com/publication/3bfda328?page=115"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a> <a title="MERC-20130422-AR-DAS page 116" href="http://viewer.zmags.com/publication/3bfda328?page=116"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a> <a title="MERC-20130422-AR-DAS page 117" href="http://viewer.zmags.com/publication/3bfda328?page=117"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENTS</a> <a title="MERC-20130422-AR-DAS page 118" href="http://viewer.zmags.com/publication/3bfda328?page=118"> MERCER INTERNATIONAL INC. CON</a> <a title="MERC-20130422-AR-DAS page 119" href="http://viewer.zmags.com/publication/3bfda328?page=119"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a> <a title="MERC-20130422-AR-DAS page 120" href="http://viewer.zmags.com/publication/3bfda328?page=120"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 121" href="http://viewer.zmags.com/publication/3bfda328?page=121"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 122" href="http://viewer.zmags.com/publication/3bfda328?page=122"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 123" href="http://viewer.zmags.com/publication/3bfda328?page=123"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 124" href="http://viewer.zmags.com/publication/3bfda328?page=124"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 125" href="http://viewer.zmags.com/publication/3bfda328?page=125"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 126" href="http://viewer.zmags.com/publication/3bfda328?page=126"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 127" href="http://viewer.zmags.com/publication/3bfda328?page=127"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 128" href="http://viewer.zmags.com/publication/3bfda328?page=128"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 129" href="http://viewer.zmags.com/publication/3bfda328?page=129"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 130" href="http://viewer.zmags.com/publication/3bfda328?page=130"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 131" href="http://viewer.zmags.com/publication/3bfda328?page=131"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 132" href="http://viewer.zmags.com/publication/3bfda328?page=132"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 133" href="http://viewer.zmags.com/publication/3bfda328?page=133"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 134" href="http://viewer.zmags.com/publication/3bfda328?page=134"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 135" href="http://viewer.zmags.com/publication/3bfda328?page=135"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 136" href="http://viewer.zmags.com/publication/3bfda328?page=136"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 137" href="http://viewer.zmags.com/publication/3bfda328?page=137"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 138" href="http://viewer.zmags.com/publication/3bfda328?page=138"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 139" href="http://viewer.zmags.com/publication/3bfda328?page=139"> MERCER INTERNATIONAL INC. 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NOTES TO THE CONSOLIDA</a> <a title="MERC-20130422-AR-DAS page 156" href="http://viewer.zmags.com/publication/3bfda328?page=156"> SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) </a> <a title="MERC-20130422-AR-DAS page 157" href="http://viewer.zmags.com/publication/3bfda328?page=157"> SIGNATURES Pursuant to the requirements o</a> <a title="MERC-20130422-AR-DAS page 158" href="http://viewer.zmags.com/publication/3bfda328?page=158"> EXHIBIT INDEX Exhibit No. </a> <a title="MERC-20130422-AR-DAS page 159" href="http://viewer.zmags.com/publication/3bfda328?page=159"> 10.15 Revolving Credit Facility Agreement </a> <a title="MERC-20130422-AR-DAS page 160" href="http://viewer.zmags.com/publication/3bfda328?page=160"> EXH</a> <a title="MERC-20130422-AR-DAS page 161" href="http://viewer.zmags.com/publication/3bfda328?page=161"> EXHIBIT 23.1 CONSENT OF INDEPENDENT REGIS</a> <a title="MERC-20130422-AR-DAS page 162" href="http://viewer.zmags.com/publication/3bfda328?page=162"> EXHIBIT 31.1 CERT</a> <a title="MERC-20130422-AR-DAS page 163" href="http://viewer.zmags.com/publication/3bfda328?page=163"> EXHIBIT 31.2 CERT</a> <a title="MERC-20130422-AR-DAS page 164" href="http://viewer.zmags.com/publication/3bfda328?page=164"> EXHIBIT 32.1 CERT</a> <a title="MERC-20130422-AR-DAS page 165" href="http://viewer.zmags.com/publication/3bfda328?page=165"> EXHIBIT 32.2 CERT</a>