Mercer International : CIBC 24th Annual Western Institutional Investor Conference

Investor Presentation

January 2021

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this presentation contains statements that are forward-looking, such as statements relating to results of operations and financial conditions and business development activities, as well as capital spending and financing sources. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Mercer. For more information regarding these risks and uncertainties, review Mercer's filings with the United States Securities and Exchange Commission. Unless required by law, we do not assume any obligation to update forward- looking statements based on unanticipated events or changed expectations.

Building a Platform for Growth

A history of execution…

			Stendal minority
Rebuild of	Acquisition of	Celgar "Green	interest buyout	Santanol	Friesau sawmill
and refinancing
Rosenthal mill	Celgar mill	Energy Project"	Rosenthal tall oil plant	acquisition	expansion

1994	1999	2004	2005	2007	2010	2013	2014	2017	2018	2019 -	2020
											2020

Acquisition of	Greenfield	Celgar "Project	Stendal	Friesau	DMI	Mercer Forestry
Rosenthal mill	construction	Blue Goose"	"Project Blue Mill"	sawmill	acquisition	Services
	of Stendal mill		expansion and green	acquisition		acquisition
			energy project

3

Diverse Products, Global Reach

Strategically Located Facilities with Excellent Access to Key Markets

Peace River		Rosenthal
475,000 tonnes			Stendal
	360,000 tonnes NBSK
NBSK/NBHK
70 MW energy		57 MW energy		660,000 tonnes NBSK
				148 MW energy
Cariboo
170,000 tonnes NBSK (1)
28.5 MW energy (1)	Celgar	Friesau		Santanol
520,000 tonnes NBSK		2,500 hectares of Indian
550,000 Mfbm lumber
100 MW energy	Sandalwood
13 MW energy
		Sales Mix (2)(4)
Products	Pulp Segment	Wood Products Segment (3)
	Lumber (3)
	13%
	Energy / bio-	Other 12%	Other
	extractives (4)	31%		28%
	7%
		Germany		U.S.
Pulp
		29%	Germany	44%
80%		China
		28%		28%

Combined, our Pulp, Wood Products and Corporate segments include

$98 million in green energy and bio-extractivesrevenue (4)

1. Represents Mercer's 50% share of operations

2)	LTM September 30, 2020 by revenue	4
3)	Includes wood residual sales
4)	Excludes energy sales from 50% owned Cariboo mill, recorded as an equity investment