<br />
PRESIDENT’S REPORT 2011<br />
Mercer International is one of the world’s largest producers of Northern Bleached Softwood Kraft (NBSK)<br />
market pulp, serving customers primarily in Europe, Asia and North America. Mercer operates two large-<br />
scale modern pulp mills in Germany: the 75%-owned Stendal mill near the town of Stendal, and the<br />
100%-owned Rosenthal mill near Blankenstein. These mills are the only NBSK pulp mills in Germany,<br />
Europe’s largest market for NBSK pulp. Mercer also owns and operates the Celgar NBSK pulp mill near<br />
Castlegar, British Columbia, Canada, one of the largest and most modern kraft pulp mills in North America.<br />
Mercer’s shares trade on the NASDAQ Global Market (symbol: MERC) and on the Toronto Stock Exchange<br />
(symbol: MRI.U).<br />
2011 was a very important financial year for Mercer.<br />
We were able to take our momentum from 2010 and carry it into<br />
2011 by taking further steps toward the ongoing impr<a title="MERC-20120405-AR-EJK.pdf page 1" href="http://viewer.zmags.com/publication/8ce0bfeb?page=1"> PRESIDENT’S REPORT 2011</a>
<a title="MERC-20120405-AR-EJK.pdf page 2" href="http://viewer.zmags.com/publication/8ce0bfeb?page=2"> Mercer International is one of the world’s larges</a>
<a title="MERC-20120405-AR-EJK.pdf page 3" href="http://viewer.zmags.com/publication/8ce0bfeb?page=3"> 2011 was a very important financial year for Merce</a>
<a title="MERC-20120405-AR-EJK.pdf page 4" href="http://viewer.zmags.com/publication/8ce0bfeb?page=4"> Dear Fellow Shareholders; The new Blue Mill Proj</a>
<a title="MERC-20120405-AR-EJK.pdf page 5" href="http://viewer.zmags.com/publication/8ce0bfeb?page=5"> MERCER ELECTRICITY GENERATION VS. EXPORT Total E</a>
<a title="MERC-20120405-AR-EJK.pdf page 6" href="http://viewer.zmags.com/publication/8ce0bfeb?page=6"> Market Overview We continue to focus our efforts</a>
<a title="MERC-20120405-AR-EJK.pdf page 7" href="http://viewer.zmags.com/publication/8ce0bfeb?page=7"> ease early in 2012, and as a result we are lookin</a>
<a title="MERC-20120405-AR-EJK.pdf page 8" href="http://viewer.zmags.com/publication/8ce0bfeb?page=8"> Market Movements We are seeing demand pick up in</a>
<a title="MERC-20120405-AR-EJK.pdf page 9" href="http://viewer.zmags.com/publication/8ce0bfeb?page=9"> NBSK MARKET PULP CAPACITY BY PRODUCER SÖDRA Pr</a>
<a title="MERC-20120405-AR-EJK.pdf page 10" href="http://viewer.zmags.com/publication/8ce0bfeb?page=10"> Carbon Sensitive World The social and government</a>
<a title="MERC-20120405-AR-EJK.pdf page 11" href="http://viewer.zmags.com/publication/8ce0bfeb?page=11"> ultimately we burn the highly combustible remaind</a>
<a title="MERC-20120405-AR-EJK.pdf page 12" href="http://viewer.zmags.com/publication/8ce0bfeb?page=12"> Fiber Markets Celgar’s woodroom investment has p</a>
<a title="MERC-20120405-AR-EJK.pdf page 13" href="http://viewer.zmags.com/publication/8ce0bfeb?page=13"> </a>
<a title="MERC-20120405-AR-EJK.pdf page 14" href="http://viewer.zmags.com/publication/8ce0bfeb?page=14"> Production Two of our mills set production record</a>
<a title="MERC-20120405-AR-EJK.pdf page 15" href="http://viewer.zmags.com/publication/8ce0bfeb?page=15"> Stendal produced a record 621,000 tonnes, Rosenth</a>
<a title="MERC-20120405-AR-EJK.pdf page 16" href="http://viewer.zmags.com/publication/8ce0bfeb?page=16"> Confident in the strength of our financial position</a>
<a title="MERC-20120405-AR-EJK.pdf page 17" href="http://viewer.zmags.com/publication/8ce0bfeb?page=17"> Continued Focus on Liquidity and Financial Flexib</a>
<a title="MERC-20120405-AR-EJK.pdf page 18" href="http://viewer.zmags.com/publication/8ce0bfeb?page=18"> Safety and the Environment Our safety objective </a>
<a title="MERC-20120405-AR-EJK.pdf page 19" href="http://viewer.zmags.com/publication/8ce0bfeb?page=19"> MERCER TOTAL RECORDABLE INCIDENT RATE (TRIR) 4.4</a>
<a title="MERC-20120405-AR-EJK.pdf page 20" href="http://viewer.zmags.com/publication/8ce0bfeb?page=20"> Financial Performance Energy revenues were at re</a>
<a title="MERC-20120405-AR-EJK.pdf page 21" href="http://viewer.zmags.com/publication/8ce0bfeb?page=21"> NET INCOME </a>
<a title="MERC-20120405-AR-EJK.pdf page 22" href="http://viewer.zmags.com/publication/8ce0bfeb?page=22"> Looking forward to 2012 We believe that our stro</a>
<a title="MERC-20120405-AR-EJK.pdf page 23" href="http://viewer.zmags.com/publication/8ce0bfeb?page=23"> Free Trade Agreement (“NAFTA”). After many years </a>
<a title="MERC-20120405-AR-EJK.pdf page 24" href="http://viewer.zmags.com/publication/8ce0bfeb?page=24"> Dear Fellow Shareholders; Your Board had</a>
<a title="MERC-20120405-AR-EJK.pdf page 25" href="http://viewer.zmags.com/publication/8ce0bfeb?page=25"> Shareholder Information MARKET INFO</a>
<a title="MERC-20120405-AR-EJK.pdf page 26" href="http://viewer.zmags.com/publication/8ce0bfeb?page=26"> Corporate Information Board of Directors, Execu</a>
<a title="MERC-20120405-AR-EJK.pdf page 27" href="http://viewer.zmags.com/publication/8ce0bfeb?page=27"> 2011 FORM 10-K</a>
<a title="MERC-20120405-AR-EJK.pdf page 28" href="http://viewer.zmags.com/publication/8ce0bfeb?page=28"> UNITED STATES SECU</a>
<a title="MERC-20120405-AR-EJK.pdf page 29" href="http://viewer.zmags.com/publication/8ce0bfeb?page=29"> TABLE OF CONTENTS Page PART I Item 1. BUS</a>
<a title="MERC-20120405-AR-EJK.pdf page 30" href="http://viewer.zmags.com/publication/8ce0bfeb?page=30"> Page Cash Flow Analysis for </a>
<a title="MERC-20120405-AR-EJK.pdf page 31" href="http://viewer.zmags.com/publication/8ce0bfeb?page=31"> EXCHANGE RATES Our reporting currency a</a>
<a title="MERC-20120405-AR-EJK.pdf page 32" href="http://viewer.zmags.com/publication/8ce0bfeb?page=32"> PART I ITEM 1. BUSINESS In this document, ple</a>
<a title="MERC-20120405-AR-EJK.pdf page 33" href="http://viewer.zmags.com/publication/8ce0bfeb?page=33"> Organizational Chart The following chart </a>
<a title="MERC-20120405-AR-EJK.pdf page 34" href="http://viewer.zmags.com/publication/8ce0bfeb?page=34"> In February 2005, we acquired the Celgar </a>
<a title="MERC-20120405-AR-EJK.pdf page 35" href="http://viewer.zmags.com/publication/8ce0bfeb?page=35"> reduce the cost basis of the assets purchased whe</a>
<a title="MERC-20120405-AR-EJK.pdf page 36" href="http://viewer.zmags.com/publication/8ce0bfeb?page=36"> • Operating and Maximizing Returns from ou</a>
<a title="MERC-20120405-AR-EJK.pdf page 37" href="http://viewer.zmags.com/publication/8ce0bfeb?page=37"> Demand for kraft pulp is cyclical in nat</a>
<a title="MERC-20120405-AR-EJK.pdf page 38" href="http://viewer.zmags.com/publication/8ce0bfeb?page=38"> NBSK Pulp Pricing Pulp prices are highly cy</a>
<a title="MERC-20120405-AR-EJK.pdf page 39" href="http://viewer.zmags.com/publication/8ce0bfeb?page=39"> The following chart sets out the changes i</a>
<a title="MERC-20120405-AR-EJK.pdf page 40" href="http://viewer.zmags.com/publication/8ce0bfeb?page=40"> In order to transform wood chips into kraft</a>
<a title="MERC-20120405-AR-EJK.pdf page 41" href="http://viewer.zmags.com/publication/8ce0bfeb?page=41"> The Celgar mill produces high-quality kraf</a>
<a title="MERC-20120405-AR-EJK.pdf page 42" href="http://viewer.zmags.com/publication/8ce0bfeb?page=42"> German Mills Since January 2009, our Ros</a>
<a title="MERC-20120405-AR-EJK.pdf page 43" href="http://viewer.zmags.com/publication/8ce0bfeb?page=43"> Labor Our labor costs tend to be general</a>
<a title="MERC-20120405-AR-EJK.pdf page 44" href="http://viewer.zmags.com/publication/8ce0bfeb?page=44"> Within this radius, the Rosenthal mill is the lar</a>
<a title="MERC-20120405-AR-EJK.pdf page 45" href="http://viewer.zmags.com/publication/8ce0bfeb?page=45"> To secure the volume of pulp logs required</a>
<a title="MERC-20120405-AR-EJK.pdf page 46" href="http://viewer.zmags.com/publication/8ce0bfeb?page=46"> Sales, Marketing and Distribution The dist</a>
<a title="MERC-20120405-AR-EJK.pdf page 47" href="http://viewer.zmags.com/publication/8ce0bfeb?page=47"> Our German mills are currently the only mark</a>
<a title="MERC-20120405-AR-EJK.pdf page 48" href="http://viewer.zmags.com/publication/8ce0bfeb?page=48"> state governments of Germany, government grants a</a>
<a title="MERC-20120405-AR-EJK.pdf page 49" href="http://viewer.zmags.com/publication/8ce0bfeb?page=49"> The Celgar Energy Project increased the mi</a>
<a title="MERC-20120405-AR-EJK.pdf page 50" href="http://viewer.zmags.com/publication/8ce0bfeb?page=50"> In November 2008, the Celgar mill suffered</a>
<a title="MERC-20120405-AR-EJK.pdf page 51" href="http://viewer.zmags.com/publication/8ce0bfeb?page=51"> Currently, we are exploring other initiativ</a>
<a title="MERC-20120405-AR-EJK.pdf page 52" href="http://viewer.zmags.com/publication/8ce0bfeb?page=52"> workers. In December 2011, we successfully negoti</a>
<a title="MERC-20120405-AR-EJK.pdf page 53" href="http://viewer.zmags.com/publication/8ce0bfeb?page=53"> In order to take into account the nature o</a>
<a title="MERC-20120405-AR-EJK.pdf page 54" href="http://viewer.zmags.com/publication/8ce0bfeb?page=54"> revises the Stendal Loan Facility’s annual debt s</a>
<a title="MERC-20120405-AR-EJK.pdf page 55" href="http://viewer.zmags.com/publication/8ce0bfeb?page=55"> Rosenthal Loan Facilities In August 2009, </a>
<a title="MERC-20120405-AR-EJK.pdf page 56" href="http://viewer.zmags.com/publication/8ce0bfeb?page=56"> ITEM 1A. RISK FACTORS The statements in </a>
<a title="MERC-20120405-AR-EJK.pdf page 57" href="http://viewer.zmags.com/publication/8ce0bfeb?page=57"> Statements in the future tense, and all st</a>
<a title="MERC-20120405-AR-EJK.pdf page 58" href="http://viewer.zmags.com/publication/8ce0bfeb?page=58"> Our level of indebtedness could negatively impact</a>
<a title="MERC-20120405-AR-EJK.pdf page 59" href="http://viewer.zmags.com/publication/8ce0bfeb?page=59"> availability, rating downgrades of certain invest</a>
<a title="MERC-20120405-AR-EJK.pdf page 60" href="http://viewer.zmags.com/publication/8ce0bfeb?page=60"> We operate in highly competitive markets. </a>
<a title="MERC-20120405-AR-EJK.pdf page 61" href="http://viewer.zmags.com/publication/8ce0bfeb?page=61"> realized gains and losses can materially impact o</a>
<a title="MERC-20120405-AR-EJK.pdf page 62" href="http://viewer.zmags.com/publication/8ce0bfeb?page=62"> non-compliance with environmental laws by prior</a>
<a title="MERC-20120405-AR-EJK.pdf page 63" href="http://viewer.zmags.com/publication/8ce0bfeb?page=63"> operating difficulties or delays during the start</a>
<a title="MERC-20120405-AR-EJK.pdf page 64" href="http://viewer.zmags.com/publication/8ce0bfeb?page=64"> We may experience material disruptions to our pro</a>
<a title="MERC-20120405-AR-EJK.pdf page 65" href="http://viewer.zmags.com/publication/8ce0bfeb?page=65"> barge, rail and sea-going vessels, all of which a</a>
<a title="MERC-20120405-AR-EJK.pdf page 66" href="http://viewer.zmags.com/publication/8ce0bfeb?page=66"> • debarking and chipping facilities for pulp l</a>
<a title="MERC-20120405-AR-EJK.pdf page 67" href="http://viewer.zmags.com/publication/8ce0bfeb?page=67"> ITEM 3. LEGAL PROCEEDINGS In October 20</a>
<a title="MERC-20120405-AR-EJK.pdf page 68" href="http://viewer.zmags.com/publication/8ce0bfeb?page=68"> PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON</a>
<a title="MERC-20120405-AR-EJK.pdf page 69" href="http://viewer.zmags.com/publication/8ce0bfeb?page=69"> (2) The terms of the 2004 Stock Incentive Plan </a>
<a title="MERC-20120405-AR-EJK.pdf page 70" href="http://viewer.zmags.com/publication/8ce0bfeb?page=70"> (f) Performance Graph. The following grap</a>
<a title="MERC-20120405-AR-EJK.pdf page 71" href="http://viewer.zmags.com/publication/8ce0bfeb?page=71"> ITEM 6. SELECTED FINANCIAL DATA The follo</a>
<a title="MERC-20120405-AR-EJK.pdf page 72" href="http://viewer.zmags.com/publication/8ce0bfeb?page=72"> ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF</a>
<a title="MERC-20120405-AR-EJK.pdf page 73" href="http://viewer.zmags.com/publication/8ce0bfeb?page=73"> Wood chip and pulp log costs are primarily affect</a>
<a title="MERC-20120405-AR-EJK.pdf page 74" href="http://viewer.zmags.com/publication/8ce0bfeb?page=74"> the Canadian dollar tends to reduce our sales rev</a>
<a title="MERC-20120405-AR-EJK.pdf page 75" href="http://viewer.zmags.com/publication/8ce0bfeb?page=75"> Selected Financial Snapshot Selected production,</a>
<a title="MERC-20120405-AR-EJK.pdf page 76" href="http://viewer.zmags.com/publication/8ce0bfeb?page=76"> primarily due to a weaker U.S. dollar relative to</a>
<a title="MERC-20120405-AR-EJK.pdf page 77" href="http://viewer.zmags.com/publication/8ce0bfeb?page=77"> In 2011, we reported net income attributab</a>
<a title="MERC-20120405-AR-EJK.pdf page 78" href="http://viewer.zmags.com/publication/8ce0bfeb?page=78"> The following table provides a reconciliati</a>
<a title="MERC-20120405-AR-EJK.pdf page 79" href="http://viewer.zmags.com/publication/8ce0bfeb?page=79"> Operating depreciation and amortization in</a>
<a title="MERC-20120405-AR-EJK.pdf page 80" href="http://viewer.zmags.com/publication/8ce0bfeb?page=80"> The following table provides a reconciliati</a>
<a title="MERC-20120405-AR-EJK.pdf page 81" href="http://viewer.zmags.com/publication/8ce0bfeb?page=81"> Sources and Uses of Funds Our principal so</a>
<a title="MERC-20120405-AR-EJK.pdf page 82" href="http://viewer.zmags.com/publication/8ce0bfeb?page=82"> permitted leverage ratio of total debt to EBITDA </a>
<a title="MERC-20120405-AR-EJK.pdf page 83" href="http://viewer.zmags.com/publication/8ce0bfeb?page=83"> extinguish some of our Senior Notes. In 20</a>
<a title="MERC-20120405-AR-EJK.pdf page 84" href="http://viewer.zmags.com/publication/8ce0bfeb?page=84"> Contractual Obligations and Commitments The foll</a>
<a title="MERC-20120405-AR-EJK.pdf page 85" href="http://viewer.zmags.com/publication/8ce0bfeb?page=85"> In the year ended December 31, 2011, we re</a>
<a title="MERC-20120405-AR-EJK.pdf page 86" href="http://viewer.zmags.com/publication/8ce0bfeb?page=86"> Selling, general and administrative expen</a>
<a title="MERC-20120405-AR-EJK.pdf page 87" href="http://viewer.zmags.com/publication/8ce0bfeb?page=87"> Restricted Group Results—Year Ended December 31, </a>
<a title="MERC-20120405-AR-EJK.pdf page 88" href="http://viewer.zmags.com/publication/8ce0bfeb?page=88"> During 2010, the Restricted Group recorded</a>
<a title="MERC-20120405-AR-EJK.pdf page 89" href="http://viewer.zmags.com/publication/8ce0bfeb?page=89"> Cash Flows from Financing Activities. Fi</a>
<a title="MERC-20120405-AR-EJK.pdf page 90" href="http://viewer.zmags.com/publication/8ce0bfeb?page=90"> Critical Accounting Policies The preparation</a>
<a title="MERC-20120405-AR-EJK.pdf page 91" href="http://viewer.zmags.com/publication/8ce0bfeb?page=91"> • our projected earnings; and • tax planni</a>
<a title="MERC-20120405-AR-EJK.pdf page 92" href="http://viewer.zmags.com/publication/8ce0bfeb?page=92"> update forward-looking statements based on unanti</a>
<a title="MERC-20120405-AR-EJK.pdf page 93" href="http://viewer.zmags.com/publication/8ce0bfeb?page=93"> Energy derivatives include fixed electricity</a>
<a title="MERC-20120405-AR-EJK.pdf page 94" href="http://viewer.zmags.com/publication/8ce0bfeb?page=94"> Loan Facility, with respect to an aggregate maxim</a>
<a title="MERC-20120405-AR-EJK.pdf page 95" href="http://viewer.zmags.com/publication/8ce0bfeb?page=95"> Foreign Currency Exchange Rate Risk Our</a>
<a title="MERC-20120405-AR-EJK.pdf page 96" href="http://viewer.zmags.com/publication/8ce0bfeb?page=96"> It should be noted that any system of cont</a>
<a title="MERC-20120405-AR-EJK.pdf page 97" href="http://viewer.zmags.com/publication/8ce0bfeb?page=97"> PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS </a>
<a title="MERC-20120405-AR-EJK.pdf page 98" href="http://viewer.zmags.com/publication/8ce0bfeb?page=98"> David M. Gandossi, age 54, has been Secre</a>
<a title="MERC-20120405-AR-EJK.pdf page 99" href="http://viewer.zmags.com/publication/8ce0bfeb?page=99"> Analyst positions with Catalyst Paper Corporation</a>
<a title="MERC-20120405-AR-EJK.pdf page 100" href="http://viewer.zmags.com/publication/8ce0bfeb?page=100"> Compensation and Human Resource Committee Th</a>
<a title="MERC-20120405-AR-EJK.pdf page 101" href="http://viewer.zmags.com/publication/8ce0bfeb?page=101"> Executive Officer; (iv) ensuring that delegated c</a>
<a title="MERC-20120405-AR-EJK.pdf page 102" href="http://viewer.zmags.com/publication/8ce0bfeb?page=102"> • Whether the transaction would impair the ind</a>
<a title="MERC-20120405-AR-EJK.pdf page 103" href="http://viewer.zmags.com/publication/8ce0bfeb?page=103"> PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT S</a>
<a title="MERC-20120405-AR-EJK.pdf page 104" href="http://viewer.zmags.com/publication/8ce0bfeb?page=104"> 10.8 Employment Agreement effective as o</a>
<a title="MERC-20120405-AR-EJK.pdf page 105" href="http://viewer.zmags.com/publication/8ce0bfeb?page=105"> 23.1 Consent of Independent Registered Cha</a>
<a title="MERC-20120405-AR-EJK.pdf page 106" href="http://viewer.zmags.com/publication/8ce0bfeb?page=106"> Report of Independent Registered Public Accountin</a>
<a title="MERC-20120405-AR-EJK.pdf page 107" href="http://viewer.zmags.com/publication/8ce0bfeb?page=107"> MERCER INTERNATIONAL INC. CONSOLIDATED BALANCE S</a>
<a title="MERC-20120405-AR-EJK.pdf page 108" href="http://viewer.zmags.com/publication/8ce0bfeb?page=108"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a>
<a title="MERC-20120405-AR-EJK.pdf page 109" href="http://viewer.zmags.com/publication/8ce0bfeb?page=109"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a>
<a title="MERC-20120405-AR-EJK.pdf page 110" href="http://viewer.zmags.com/publication/8ce0bfeb?page=110"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a>
<a title="MERC-20120405-AR-EJK.pdf page 111" href="http://viewer.zmags.com/publication/8ce0bfeb?page=111"> MERCER INTERNATIONAL INC. CONSOLIDATED STATEMENT</a>
<a title="MERC-20120405-AR-EJK.pdf page 112" href="http://viewer.zmags.com/publication/8ce0bfeb?page=112"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 113" href="http://viewer.zmags.com/publication/8ce0bfeb?page=113"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 114" href="http://viewer.zmags.com/publication/8ce0bfeb?page=114"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 115" href="http://viewer.zmags.com/publication/8ce0bfeb?page=115"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 116" href="http://viewer.zmags.com/publication/8ce0bfeb?page=116"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 117" href="http://viewer.zmags.com/publication/8ce0bfeb?page=117"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 118" href="http://viewer.zmags.com/publication/8ce0bfeb?page=118"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 119" href="http://viewer.zmags.com/publication/8ce0bfeb?page=119"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 120" href="http://viewer.zmags.com/publication/8ce0bfeb?page=120"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 121" href="http://viewer.zmags.com/publication/8ce0bfeb?page=121"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 122" href="http://viewer.zmags.com/publication/8ce0bfeb?page=122"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 123" href="http://viewer.zmags.com/publication/8ce0bfeb?page=123"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 124" href="http://viewer.zmags.com/publication/8ce0bfeb?page=124"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 125" href="http://viewer.zmags.com/publication/8ce0bfeb?page=125"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 126" href="http://viewer.zmags.com/publication/8ce0bfeb?page=126"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 127" href="http://viewer.zmags.com/publication/8ce0bfeb?page=127"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 128" href="http://viewer.zmags.com/publication/8ce0bfeb?page=128"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 129" href="http://viewer.zmags.com/publication/8ce0bfeb?page=129"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
<a title="MERC-20120405-AR-EJK.pdf page 130" href="http://viewer.zmags.com/publication/8ce0bfeb?page=130"> MERCER INTERNATIONAL INC. NOTES TO THE CONSOLIDA</a>
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<a title="MERC-20120405-AR-EJK.pdf page 151" href="http://viewer.zmags.com/publication/8ce0bfeb?page=151"> SUPPLEMENTARY FINANCIAL INFORMATION (UNAUDITED) </a>
<a title="MERC-20120405-AR-EJK.pdf page 152" href="http://viewer.zmags.com/publication/8ce0bfeb?page=152"> SIGNATURES Pursuant to the requirements o</a>
<a title="MERC-20120405-AR-EJK.pdf page 153" href="http://viewer.zmags.com/publication/8ce0bfeb?page=153"> EXHIBIT INDEX Exhibit No. </a>
<a title="MERC-20120405-AR-EJK.pdf page 154" href="http://viewer.zmags.com/publication/8ce0bfeb?page=154"> 10.15 Revolving Credit Facility Agreem</a>