Mercer International (MERC) 8-K Regulation FD Disclosure

EXHIBIT 99.2

Investor Presentation Operational Update November 2008

Forward Looking Statements 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 Securities and Exchange Commission.

BSK Tightening of Supply and Demand Total Bleached Softwood Kraft demand in 2007 was 22.2 million tonnes, up from 21.9 million the year before NBSK follows the general demand increases for softwood Historic BSK Demand versus Practical Maximum Capacity Capacity (tonnes) Demand (tonnes) Demand Capacity Spread (%) 25,000 25% 20,000 20% 15,000 15% 10,000 10% Demand 000’s of tonnes 5,000 5% Supply exceeds 0 0% 07 8 9 2 3 4 7 9995 996 9 9 9 000 001 0 0 00 005 0 191 1 19 19 19 2 2 20 20 2 22006 20 Year 3 Source: Pulp & Paper Products Council

NBSK Tightening of Supply and Demand The gap between supply and demand widened slightly in 2007 We had expected the supply / demand spread to narrow to zero in 2007 with the 1.2 million tonnes in capacity closures, but swing capacity and debottlenecking offset the closures Based upon species mix in forests we believe capacity that has swung to NBSK can’t be sustained over the long term Limitations to fiber switching coupled with continued NBSK demand growth and further capacity closures will continue to tighten fundamentals, leading to higher prices over the long term Historic NBSK Demand versus Practical Maximum Capacity Capacity (tonnes) Demand (tonnes) Demand Capacity Spread (%)

00 35% 14,000 30% 12,000 25% 10,000 20% 8,000 15% 6,000 10% Demand 000’s of tonnes 4,000 5% Supply exceeds 2,000 0% 0 -5% 0 4 5 6 7 9 99 00 01 02 03 0 0 0 0 9 0 0 0 0 20 20 20 20 19 1995199619971998 1 2 2 2 2 4

Source: Pulp & Paper Products Council Year

Market-Related NBSK Capacity Downtime As a result of the significant downturns in pulp pricing and demand the pulp market has experienced in recent weeks, there have been announcements of downtime being taken at NBSK mills around the world Market-Related NBSK Pulp Mill Temporary Closures (000’s t) Company            Location            Date            Total Market AbitibiBowater Thunder Bay, ON 1 Q4 2008 13 13 Boise Cascade Wallula, Washington 2 Q4 2008 22 10 Botnia Finnish Mills Q4 2008 50 50 Buchanan Forest Products Terrace Bay, ON 1 Q4 2008 40 40 Canfor Pulp Intercon and PG, BC 1 Q4 2008 30 30 EverGreen Pulp Samoa, California 2 Q4 2008 16 16 Howe Sound Port Mellon, BC Q4 2008 30 30 Nippon Paper Group Peace River, Alta 1 Q4 2008 12 12 Sodra Tofte, Norway 1 Q4 2008 11 11 Stora Enso Enocell, Finland 1 Q4 2008 25 25 Stora Enso Norrsundet, Sweden Q4 2008 48 48 Sunila Oy Sunila, Finland Q4 2008 30 30 Tembec Skookumchuck, BC Q4 2008 10 10 Total NBSK Capacity Closures (Total and Market) 337 325 1 Undisclosed portion of the closed capacity is a kind of pulp other than NBSK 2 Mills closure for indefinite period or at least no restart date announced. Idled capacity is per month and is expected to increase Source: TerraChoice Market Services Inc. 5 Note: The list is not exhaustive as a growing number of companies have policies of not reporting downtime information

Permanent NBSK Capacity ReductionsThe recently announced market-related closures are in addition to regular maintenance downtime and the considerable quantity of recent NBSK capacity closuresApproximately 1.3 million tonnes of NBSK market pulp capacity already shut down with another 0.5 million tonnes expected to close in the next yearRepresents approximately 15% of total global NBSK pulp capacity * NBSK Pulp Mill Permanent Closures (000’s t) CompanyLocationDateTotal Market Stora EnsoNorrsundet, SwedenQ1 2009300300 UPMTervasaari, FinlandQ4 2008204204 Stora EnsoKemijarvi, FinlandQ2 2008250120 WeyerhaeuserUSAQ1 20086060 West FraserHinton, ABQ4 20067070 TembecSmooth Rock Falls, ON Q3 2006200200 CascadesJonquiere, PQQ3 200682-BowaterThunder Bay, ONQ2 2006100100 KorsnasGavle, SwedenQ2 20067070 WeyerhaeuserPrince Albert, SKQ2 2006260130 Western Forest Products Squamish, BCQ1 2006275275 DomtarLebel-sur-QuevillonQ4 2005300300 Total NBSK Capacity Closures (Total and Market)2,1711,829
Source: NLK Pulp Monitor, TerraChoice Market Services and company filings 6

* Estimated total 2008 global NBSK pulp capacity = 12,435,000 tonnes (Source: Hawkins Wright, Outlook for Market Pulp Demand, Supply and Prices, August 2008)

Evolution of Mercer’s Last Three Years Decreasing Non-Fiber Conversion CostsMost input costs such as labour, selling and general costs have increased with CPIChemicals in the pulping process across the industry account for approximately 10% of total costs. We have seen the price of these global commodities rise significantly over the last three yearsCommodities like steel and oil have driven the price of replacement parts and consumables higher These significant upward cost pressures have masked some of Mercer’s operational and investment achievements in lowering non-fiber conversion costs 7

Mercer’s Evolution Steady decreases in non-fiber conversion costs

Mercer L4Q Non-Fiber Conversion Cost % Change from L4Q Q4-2005 30% cost 20% 10% conversion 0% Avg. non-fiber -10% -20% 5 006 007 200200620062006 2 220072007200720082008 Q4 Q1 2 3 4 Q4 Q1 Q2 Q3 Q            Q            Q            Q1 Q2

Since 2005, Mercer has managed to reduce non-fiber conversion costs –despite escalating input costs – through strategic capital investment and operational best practices 8

Mercer’s Evolution Celgar capital projects a success Celgar L4Q Non-Fiber Conversion Cost % Change from L4Q Q4-2005 30% 20% cost 10% conversion 0% Avg. non-fiber Celgar completes -10%CAD $27 million mill debottlenecking project - -20% 07 2005200620062006200620072007 2020072008 413423Q41 QQQ2QQQ1QQQ Mercer’s CAD $27 million capital investment program exceeded EBITDA expectations, playing a significant part in Celgar’s productivity increases and cost reductionsBest practices and management initiatives have been successful at bringing down costs by 8%, on a per tonne basis9

Mercer’s Evolution Rosenthal conversion cost decreases Rosenthal Rolling L4Q Non-Fiber Conversion Cost % Change from L4Q Q4-2005 30% 20% cost 10% conversion 0% Avg. non-fiber -10% -20% 5667778 0000000 000000 22006 20 22006 2 22007 2 22008 41234123412 QQQQQQQQQQQ

Rosenthal, continues to be a star performer for Mercer, making continuous improvements and setting new world class standards for mill reliabilityContinuous absolute cost reductions have been achieved

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Mercer’s Evolution Stendal sets the standard for low production costs Stendal L4Q Non-Fiber Conversion Cost % Change from L4Q Q4-2005 30% 20% cost 10% conversion 0% Avg. non-fiber -10% -20% 7 007 07 07 2005 2006 20062006 2006 200 0 202 220082008 Q4Q1Q2Q3Q4123 QQQQ4Q1Q2

Newly built in 2005, Stendal had one of the fastest ramp ups in history, hitting and exceeding reliability, production, and cost expectations within its first quarter of operationsStendal’s scale and equipment make it Mercer’s lowest cost mill, with non-fiber conversion costs over 20% lower than Mercer’s corporate average 11

European Softwood Price Trend Price levels of competing jurisdictions Conifer Price Trend — Europe (US$ / odmt) ConiferQ4 2005 Q1 2007 Q2 2008 % Change Roundwood14020420143.6% Germany Chips10116615654.5% Roundwood11614019164.7% Sweden Chips9312716476.3% Roundwood12614821066.7% Finland Chips—German wood market prices rose more rapidly going into 2007 than in other regions, but leveled off during 2008Sweden and Finland lost the comparative advantages they had in wood cost in 2007 as the same supply and demand fundamentals affecting German wood markets began in those areasGoing forward, Finland and Sweden will be further impacted by Russian export duties on wood 12 * Source: Wood Resource Quarterly, Wood Resources International LLC

Mercer’s Evolution German fiber prices shifting German Mills — Rolling L4Q Fiber Cost % Change from L4Q Q4-2005 RosenthalStendal cost 80%

60%Increased competition conversionfor fiber supply from particle board producers

40%
20% Lower demand from particle board

Avg. fiber 0%producers - -20% 56 006 0000006007 007 008 008 22 2 2200620072007 2 2 2 2 Q4Q1Q2Q3Q4Q1Q234Q1
QQQ2Increased fiber competition from particle board producers and biofuel speculators have increased the cost of fiber in GermanyFrom 2000 – 2005, fiber prices were relatively flatFrom 2005 to the end of 2007, there was a steady rise in fiber prices from the increased competition for fiber from particle board producers and biofuel speculatorsPrices are currently falling and have been for the past six months 13

North American Softwood Price Trend Reduced sawmill residual supply increases fiber costs Conifer Price Trend — North America (US$ / odmt) ConiferQ4 2005 Q1 2007 Q2 2008 % Change Roundwood6110010673.8%

Canada West Chips598210171.2% Roundwood641019650.0%

US Northwest Chips7314013787.7% Roundwood14914216510.7%

Canada East Chips1421221441.4%

Unprecedented downturn in the North American lumber industry has dramatically reduced the amount of available sawmill residuals, forcing P&P mills to increase demand for roundwood, causing roundwood prices to riseEastern Canada prices were already at very high levels and therefore could not go much higherWestern Canada prices, while having risen dramatically, are still significantly lower than Eastern Canada prices 14 * Source: Wood Resource Quarterly, Wood Resources International LLC

Mercer’s Evolution Western fiber price shiftCelgar Rolling L4Q Fiber Cost % Change from L4Q Q4-2005 cost 80% conversion 60%2006: Sawmill “stay 40%open” premiums paid20%2007: Increased 0%whole log chippingAvg. fiber -20%6 006 006 200677 00720088 2005 200 2 2 200 200 22007 20023234Q1Q2 Q4Q1 QQQ4Q1 QQQUp until 2006, Celgar relied almost exclusively on residual chips from sawmillsIn 2006 and 2007, fiber costs increased because of “stay open” premiums paid to sawmills and an increased reliance on whole log chipping, whereby > 50% of Celgar’s fiber is now whole log chipsQuick mobilization of log procurement programs also added to cost increaseThese costs have peaked and through optimization of logistics and an improved whole log supply, we expect fiber costs to moderateAdditionally, Celgar has upgraded its onsite chipping plant which, once operational, will allow us to process small diameter wood more efficiently and thereby lower fiber costs15

Mercer Performance Focus Continuous improvement initiatives A program created to focus the workforce on the goal of increasing EBITDA margins The program identifies and implements improvement opportunities that will enable the mills to reach minimum 30% EBITDA margins Key Areas include: Production increases Fixed cost reduction By-product development and sales Raw material procurement and logistics Mill conversion efficiencies

Mercer’s Consolidated Balance Sheet As at September 30, 2008 LIABILITIES Current liabilities ASSETSAccounts payable and accrued expenses€ 87,315 Current assetsPension and other retirement obligations, current portion955 Cash and cash equivalents€ 75,779Debt, current portion 36,599 Receivables81,503Total current liabilities124,869 Note receivable, current portion 628
Inventories129,965Long-term liabilities Prepaid expenses and other 10,126Debt, less current portion 795,445 Total current assets 298,001Unrealized interest rate derivative losses 17,370 Pension and other post-retirement benefit obligations18,361 Long-term assetsCapital leases and other 12,290 Cash, restricted 13,000Deferred income tax 29,277 Property, plant and equipment904,653872,743 Investments646Total liabilities997,612 Deferred note issuance and other costs4,326 Deferred income tax 25,432SHAREHOLDERS’ EQUITY Note receivable, less current portion 3,650Share capital 203,438 951,707Additional paid-in capital 461 Total assets€ 1,249,708Retained earnings 23,986 Accumulated other comprehensive income 24,211 Total shareholders’ equity252,096 Total liabilities and shareholders’ equity€ 1,249,708

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Unique Financial StructureMercer’s capital structure provides high leverage to pulp cyclesGerman Government provided Mercer€ 375 million in grants for the construction of the Rosenthal and Stendal mills. This amount is credited against fixed assets and translates into€ 375 million in equity or debt that the company did not have to raiseMercer’s€ 531 million Stendal debt is 80% guaranteed by the German Government, is fixed at an interest rate of approximately 5.3% plus margins and costs, and is secured by the mill’s own assetsThe debt has provisions for cross-currency swaps with no required marginsIt is an amortizing debt with no immediate balloon paymentsOur principal payments are effectively made in pre-tax dollars due to Mercer’s tax shieldsUnsecured convertible debt of USD $67.3 million at 8.5% with a conversion factor of 7.75; redeemable by the company starting Oct. 15th, 2008, maturing Oct. 15th, 2010Unsecured senior notes of USD $310 million at 9.25%, maturing Feb. 15th, 201318

Mercer’s Key Investment HighlightsFuture supply/demand outlook for NBSK has never looked betterWorld class mills that have low delivered costs and are located in excellent fiber basketsSignificant upside revenue potential due to excess electricity generating capacity and changing global markets for green powerIncremental production capacity available at low capital costUnique financial structure offering shareholders very high leverage to the pulp cycleStrong shareholder focused management team and board9

Key Takeaways Mercer’s future remains brightWe are a low cost producer, our mills perform well during cyclical downturnsSome of the mills that compete with us will not be here when the cycle turns upward, further improving our long-term prospectsMercer is well positioned to take advantage of the future market opportunities related to the anticipated reduction in production capacity and continued increases in pulp demand 20 Mercer Performance FocusConti nuous improvement initiativesEBITDA 30+A program created to focus the workforce on he goal of increasing EBITDA marginsThe prog ram identifies and implements improvement oppo rtunities that will enable the mills to reach minimum 30% EBITDA marginsKey Areas include: Production increasesFix ed cost reductionBy-product evelopment and salesLogisticsRaw material procuremen logisticsSales optimization Mill conversion eff iciencies16