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Mercer International Buys Subsidiary of Sihl AG, Landqart AG

Press release from the issuing company

ZURICH, Switzerland- Dec. 17, 2001--Mercer International has acquired Landqart AG, a subsidiary of Sihl AG, a developer, producer and marketer of media for large-format digital color printing. Based in Landqart, Switzerland, Landqart AG is a producer of a wide variety of security and specialty papers for use in the printing of documents such as banknotes, passports and customs and commodity documents. Landqart operates two paper machines consisting of a fourdrinier and a mould based production, with a total annual capacity of approximately 22,000 tonnes. In 2000, Landqart generated revenues of 56 million Swiss Francs (approximately $35 million). Mr. Jimmy S.H. Lee, Chairman and President, commented, "Our strategy in our paper operations has been to focus on non-commodity, specialty niches which are not as susceptible to the pricing fluctuations seen in the general paper markets. With cutting-edge facilities and specialty paper products that are focused on markets that are likely to expand faster than the general paper markets, Landqart is a compelling acquisition opportunity for us. By leveraging their expertise in the research and development of specialized security papers we believe we can enhance the overall range of our paper production.'' Mercer International Inc. is a European pulp and paper manufacturing company.

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