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EXHIBIT 21
SUBSIDIARIES OF MERCER INTERNATIONAL INC.
| Jurisdiction | Shareholding at Year End | |||||||||||
Name of Subsidiary(1) | of Incorporation | Direct | Indirect | |||||||||
| Zellstoff-und Papierfabrik Rosenthal GmbH | Germany | — | 100 | % | ||||||||
| Zellstoff Stendal GmbH | Germany | — | 74.9 | % | ||||||||
| Zellstoff Celgar Limited | Canada | 100 | % | — | ||||||||
| Zellstoff Celgar Limited Partnership | Canada | 100 | % | — | ||||||||
| (1) | All the subsidiaries are conducting business under their own names. |